International Bio Recovery Corporation V.IBR

News ??!!! Whats your take?

[dano88]

NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS OF THE RHODE ISLAND RESOURCE RECOVERY CORPORATION, AS FOLLOWS: SECTION 1. THE CORPORATION IS HEREBY AUTHORIZED TO ENTER INTO, EXECUTE AND DELIVER A GROUND LEASE BY AND BETWEEN RHODE ISLAND RESOURCE RECOVERY CORPORATION AS “LANDLORD” AND CONVERTED ORGANICS, INC. AS “TENANT” (THE “GROUND LEASE”) IN SUBSTANTIALLY THE FORM PRESENTED TO THIS MEETING, WITH SUCH MODIFICATIONS AS MAY BE HEREINAFTER AUTHORIZED SUBJECT TO SATISFACTORILY REVIEW BY LEGAL COUNSEL OF THE CORPORATION. SECTION 2. THE CHAIRMAN, VICE-CHAIRMAN OR EXECUTIVE DIRECTOR, ACTING SINGLY, IS AUTHORIZED ON BEHALF OF THE CORPORATION TO EXECUTE AND DELIVER THE GROUND LEASE BY AND BETWEEN RHODE ISLAND RESOURCE RECOVERY CORPORATION AS “LANDLORD” AND CONVERTED ORGANICS, INC. AS “TENANT” (THE “GROUND LEASE”) IN SUBSTANTIALLY THE FORM PRESENTED TO THIS MEETING, SUBJECT TO SUCH CHANGES AS MAY BE DETERMINED BY THE CHAIRMAN, VICE-CHAIRMAN OR EXECUTIVE DIRECTOR, ACTING SINGLY, TO BE IN THE BEST INTEREST OF THE CORPORATION, AND THE SECRETARY OR ASSISTANT SECRETARY OF THE CORPORATION IS HEREBY AUTHORIZED TO AFFIX THE OFFICIAL SEAL OF THE CORPORATION TO SAID DOCUMENT AND TO ATTEST THE SAME. THE CHAIRMAN, VICE-CHAIRMAN OR EXECUTIVE DIRECTOR, ACTING SINGLY, IS ALSO AUTHORIZED ON BEHALF OT THE CORPORATION TO PROPOSE ONE OR MORE ALTERNATE PARCELS FROM TIME TO TIME AS PROVIDED IN THE GROUND LEASE AND TO EXECUTE AND DELIVER, AN AMENDMENT TO THE GROUND LEASE TO REFLECT THE SUBSTITUTION OF AN ALTERNATE PARCEL FOR THE PREMISES OTHERWISE IDENTIFIED THEREIN. SECTION 3 THE CHAIRMAN, VICE-CHAIRMAN OR EXECUTIVE DIRECTOR, ACTING SINGLY, IS HEREBY ALSO AUTHORIZED AND EMPOWERED ON BEHALF OF THE CORPORATION TO EXECUTE AND DELIVER SUCH ADDITIONAL INSTRUMENTS, PAPERS, CERTIFICATES OR OTHER DOCUMENTS AS HE OR SHE SHALL DEEM NECESSARY OR APPROPRIATE TO CARRY OUT AND EFFECTUATE THE PURPOSES OF THIS RESOLUTION; AND PROVIDED FURTHER THAT THE EXECUTION BY ANY OF THE FOREGOING CHAIRMAN, VICE-CHAIRMAN OR EXECUTIVE DIRECTOR, ACTING SINGLY, SHALL BE DEEMED CONCLUSIVE EVIDENCE OF HIS OR HER AUTHORITY AND EMPOWERMENT TO ACT HEREUNDER. SECTION 4. THIS RESOLUTION SHALL TAKE EFFECT IMMEDIATELY UPON IT EXECUTION BY THE CHAIRMAN. Michael Salvadore seconded the motion which passed unanimously.

[spacespot501]

That's about a dry a paragraph that you'd ever want to read! My take? It is the agreement between COIN and Rhode Island Resource Recovery Corporation. Another step in the right direction for IBR. Converted Organics will follow through with their business plan. The Rhode Island plant will be built. IBR will receive equipment orders and royalties on fertiliser sales. The State of Rhode