DESIGNATE
RECOVERY ZONE
DESIGNATING
THE PUTNAM COUNTY RECOVERY ZONE FOR PURPOSES OF SECTIONS 1400U-1, 1400U-2 AND
1400U-3 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
The Board of County Commissioners of Putnam County,
Ohio, met in regular session on the 29th day of December, 2009, at the office
of said Board with the following members present: Mr. Vincent T. Schroeder, Mr. Travis A. Jerwers and Mr. John E.
Love.
Mr. Schroeder moved the adoption of the following
Resolution:
WHEREAS, Section
1400U-1 of the Internal Revenue Code of 1986, as amended (the “Code”)
authorizes the County of Putnam (the “County”) to designate a “recovery zone”
for purposes of issuing (a) Recovery Zone Economic Development Bonds under
Section 1400U-2 of the Code and (b) Recovery Zone Facility Bonds under
Section 1400U-3 of the Code; and
WHEREAS, the term
“recovery zone” means (a) any area designated by the County as having
significant poverty, unemployment, rate of home foreclosures or general distress,
(b) any area designated by the County as economically distressed by reason of
the closure or realignment of a military installation pursuant to the Defense
Base Closure and Realignment Act of 1990, and (c) any area for which a
designation as an empowerment zone or a renewal community is in effect; and
WHEREAS, the entirety
of Putnam County qualifies for such designation by reason of, among other
things, its high unemployment rate and general distress;
NOW, THEREFORE, be it resolved by the Board
of County Commissioners of the County of Putnam that:
Section 1. The County’s “recovery zone” for purposes of
Section 1400U-1, 1400U-2 and 1400U-3 of the Code is hereby designated to be the
entire area within the corporate boundaries of Putnam County.
Section 2. This Board hereby finds that the “recovery
zone” described in Section 1 hereof meets the requirements of Section 1400U-1
of the Code, in that the area therein is an area having significant poverty,
unemployment, rate of home foreclosures or general distress.
Section 3. It is found and determined that all formal
actions of this board of county commissioners concerning and relating to the
adoption of this resolution were adopted in an open meeting of this board of
county commissioners and that all deliberations of this board of county
commissioners resulting in such formal action, were in meetings open to the
public, in compliance with all legal requirements, including Section 121.22 of
the Ohio Revised Code.
Mr.
Love seconded the motion and the roll
being called upon its adoption, the vote resulted as follows: Mr. Love yes Mr. Jerwers yes Mr. Schroeder yes