Tax Exemption Filing Extension: Fibrelite Corp.

ORDINANCE RE: FIBRELITE CORPORATION

(TAX EXEMPTION FILING EXTENSION)

AN ORDINANCE OF THE TOWN OF STONINGTON, CONNECTICUT, PROVIDING FOR AN EXTENSION OF TIME UNDER CONNECTICUT GENERAL STATUTE §12-81k FOR FIBRELITE CORPORATION TO FILE FOR AN EXEMPTION FOR MACHINERY AND EQUIPMENT FOR THE 2005 GRAND LIST.

WHEREAS, Fibrelite Corporation is a subsidiary of Fibresec Holdings, Ltd.; and

WHEREAS, Fibresec Holdings, Ltd. is based in the United Kingdom; and

WHEREAS,Fibrelite Corporation has just recently been located in the Town of Stonington as of May 1, 2004; and

WHEREAS,Fibrelite Corporation is completely dependent upon its parent company in the United Kingdom; and

WHEREAS,the exemption request form from the Town of Stonington for machinery and equipment for the list of October 1, 2005 received by Fibrelite Corporation was sent to the parent company in the United Kingdom, where it was not processed in a timely manner as a result of the mailing times between Fibrelite Corporation and the parent company; and

WHEREAS, said exemption request form was filed late with the Town of Stonington; and

WHEREAS, Public Act 03-269 of the Connecticut Legislature, codified as General Statute §12-94e, allows a municipality by vote of its legislative body to grant an extension of time under Connecticut law for an applicant to file late for said exemption; and

WHEREAS, the municipality finds that the failure to file the exemption on time does constitute a hardship for Fibrelite Corporation; and

WHEREAS, the municipality finds that Fibrelite Corporation has made significant investments in manufacturing equipment so as to bring more manufacturing business and jobs to the Stonington area and therefore finds there to be a net benefit to the economic development of the Town of Stonington;

NOW THEREFORE, BE IT HEREBY ORDAINED BY THE LEGAL VOTERS OF THE TOWN OF STONINGTON IN LAWFUL TOWN MEETING DULY ASSEMBLED THAT:

Section 1.  That the ordinances of the Town of Stonington be amended by adding a section to read as follows:

Fibrelite Corporation shall be granted an extension of time until thirty (30) days from the date of the passage of this ordinance by the Town Meeting to claim the exemption from       property tax under the provisions of Subsections (72) or (74) of the General Statutes §12-81 for the October 1, 2005 Grand List.

Section 2.  That all ordinances or parts of ordinances in conflict with this ordinance are hereby repealed.

Section 3.  If anyprovision of this ordinance or the application thereof is held to be invalid such invalidity shall not affect other provisions or applications of any other part of this ordinance which             can be given effect without the invalid provisions of applications; and to this end the provisions of this ordinance and the various applications thereof are declared to be severable.

This Ordinance shall become effective following approval by Town Meeting and fifteen (15) days after publication in a newspaper having a substantial circulation within the Town of Stonington.

Adopted:   July 19, 2006
Effective:  August 5, 2006