UIRVDA FUNDS EXOLON ESK
FOR RELEASE ON:
February 11, 1997
Contact: Martha Pattelli, Chairman
Upper Illinois River Valley Development Authority
The Upper Illinois River Valley Development Authority (UIRVDA) issued $13,000,000 in Taxable and Tax Exempt bonds on behalf of Exolon-ESK Company, a manufacturer of Silicon Carbide, for the purchase and installation of a Dow Chemical Company Sulferox desulfurization plant. The tax exempt bonds will carry an approximate floating interest rate of 4.4% The Sulferox plant will remove H2S from Exolon-ESK’s by-product waste gas from its Hennepin silicon carbide plant. The H2S (hydrogen sulfide) will be converted by the Process into elemental sulfur. The resulting sulfur-free by-product gas will then be piped to the Illinois Power Hennepin plant for use as a fuel source. The plant will consist of a Particulate cleaning station, Desulfurization units, Compression unit, Dehydration unit and a Gas pipeline to the Illinois Power Hennepin plant. The project will retain 80 employees and add 10 new jobs.
UIRVDA, created by action of the Illinois General Assembly and the Governor, is a general development agency for the counties of Bureau, Grundy, Kendall, LaSalle, Marshall and Putnam and is one of only three active economic development regional authorities within the State of Illinois. The Authority’s financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois, to issue taxable or tax-exempt State of Illinois moral obligation revenue bonds or other evidences of indebtedness for the purpose of developing, constructing, acquiring or improving properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority. These revenue bonds can be moral obligation bonds of the State of Illinois, they are rated by Standard and Poors at a rate often resulting in a lower interest rate for the borrower than may otherwise be obtainable if the bonds were rated only on the strength of the company/borrower.
Members of the Authority board include: Bill Cote, Lynn Fieldman, Barbara Griffith, Dennis Hackett, Philip McCully, Chester Massino, Donna Matteson, William D. Meagher, Eugene Mercier, Richard Nelson, Martha Pattelli, William Steep, David Thompson, James Washburn, Jay Young and the Directors of the Illinois Department of Commerce and Community Affairs and the Illinois Department of Central Management Services. For more information call Andrew Hamilton, Executive Director at 217/546-7525.