City of Lewisport, KY / Harvey Aluminum Inc. Deal - Lehman Brothers Collection
City of Lewisport, KY / Harvey Aluminum Inc.
|Company Deal||City of Lewisport, Kentucky: $50,000,000 industrial building revenue bonds|
|Transaction Type||Industrial Building Revenue Bonds|
|Deal Description||The City of Lewisport, Kentucky issued the bonds for the purpose of paying the costs of the city in connection with its acquisition of land and buildings, machinery, equipment, and facilities constituting an aluminum rolling mill and related facilities (the Project) from Harvey Aluminum, Inc., (the Company) under a contract between the City and the Company. Such costs included the City's expenses in connection with the issuance and sale of the bonds and the purchase price for the Project to be paid by the City to the Company. The City leased the Project to the Company. The City's purpose in acquiring the Project from and leasing the same to the Company was to promote the general welfare of the City and its inhabitants by providing opportunities for permanent employment. Insofar as the Company was concerned, its construction of the Project for sale to the City and its leasing of the Project from the City was part of its program for development of the Company into a fully integrated producer of primary aluminum and aluminum mill products.|
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