Posted by on Aug 10, 2000 in Uncategorized | 0 comments

August 10, 2000
Contact: Bruce Payne
WKRDA Chairman
Regional Authority Issues Bonds to Help Create Jobs
The Will Kankakee Regional Development Authority (WKRDA) issued $6,050,000 of Tax-Exempt Private Activity Bonds on behalf of Unimast Incorporated (Unimast) in Joliet, Illinois. Interest on the bonds is exempt from federal income tax to the bondholders and thus offers a lower interest rate to the borrower. “We are delighted that the Authority can assist a manufacturing company open a new facility in Will County”, said Payne. “This project will create 104 new jobs.” Unimast is a wholly owned subsidiary of WHX Corporation based in New York, New York. Unimast is a manufacturer of light steel framing, drywall steel, plastering steel and other construction products. The company has other facilities in Illinois, Ohio, Georgia, Texas, New Jersey, Minnesota, Florida, Arizona and Indiana.
The interest paid to the purchasers of these bonds is exempt from Federal Income Tax. “This is important because it does not effect the tax base of the local communities,” according to Payne “This program provides low-cost capital for specific projects since tax-exempt bonds have a lower interest rate than bonds with taxable interest.”
Members of the Authority board include: Alice Argyelan, Walter Charlton, Howard Norberg, Bruce Payne, Barbara Peterson, Ab Potter, John Racich, Phillip Williams, and the Director of the Illinois Department of Commerce and Community Affairs. For more information call Andrew Hamilton, Executive Director at 815/723-9070.