Fiscal Court: County Industrial Bonds With Gas Plant Moves Forward

Gary Minard with Hellervik Oil Technologies along with Judge Cannon and Buck Simmons.

Gary Minard with Hellervik Oil Technologies addressed the fiscal court on Monday with issues that local residents as well as the court had concerns with. Minard listed the issues and gave explanation of what Hellervik plans to do once they acquire the company from Atmos Energy, with the help of industrial bonds provided by the county.

1. What happens if Hellervik takes over the gas plant then moves it to another location later? Minard said the terms of the bonds would not allow that. The plant must stay at it's current location, as plant equipment would be part of the collateral for the bond.
2. What equipment will be used? Will there be enough collateral? According to Minard, Atmos Energy has the equipment listed publicly for sale and he would provide the list to the court. 
3. When will closing of the sale with Atmos take place? Minard said the deal should be closed by May 15th, 2015.
4. Do you have financial documentation that your company has the assets and collateral needed to secure the bonds in a worse-case scenario? Minard said yes. He referenced BB&T in Louisville as well as Bank of Edmonson County that will be able to provide financial statements and proper documentation that the company is accredited and able to secure collateral for the bonds.

The court agreed to move forward with the industrial bond  procedure. The next step is actually signing and issuing the bonds once the language is satisfactory to both parties.

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The court also discussed additional business:

• Heard from Road Foreman Ray Page on the tornado damage on Grassland Road that we reported to you on Sunday. He thanked the fire departments, volunteers, and the county road crew for working early into the next morning to assure roadways were cleared and secured.
  
• Heard from Little League Program Director Greg Hudson on the 2015 baseball/softball season. He discussed recent rain delays and other frustrations he and staff have encountered, but things are beginning to work smoothly. He spoke of the Jamboree that we reported on earlier.
• Timmy Vincent, owner of the old Webb-Co building, discussed the layout of the building with the court. He has it priced to the county at $103,000. In the previous meeting, some court members felt that the price was too high, but were planning to take a tour of the building after the meeting.
• Acknowledged Big Reedy Watershed Conservation Budget
• Acknowledged the Sheriff's 2014 Outgoing Tax settlement
• Accepted River Birch Road into the county road system
• Agreed to increase the key deposit on use of the Parks and Rec Properties from $10 to $25.
• Approved attendance for the 2015 Leadership Institute for Magistrates.
• County Clerk Kevin Alexander noted that his office would be open on Saturdays from 8am-noon beginning on May 9th, and he said absentee voting would be available beginning Tuesday, April 28th. You can take a look at the ballot that posted earlier by clicking here.

Darren Doyle
Edmonson Voice