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31 <br /> <br /> The Board of Commissioners for the County of Cabarrus met in regular <br />session at the County Courthouse in Concord, North Carolina, on Monday, <br />August 20, 1984, at 7:00 P.M. <br /> Present - Chairman: James W. Lentz <br /> Commissioners: Archie Y. Bernhardt <br /> Marcelle Milloway <br /> J. Harold Nash <br /> Kenneth F. Payne <br /> The invocation was given by Dr. William G. Guthrie of the Kerr Street <br />Baptist Church. <br /> UPON MOTION of Commissioner Milloway, seconded by Commissioner Payne <br />and unanimously carried, the minutes of August 6, 1984, were approved as <br />written. <br /> UPON MOTION of Chairman Lentz, seconded by Commissioner Nash with <br />Chairman Lentz and Commissioners Nash and Payne voting for and Commissioners <br />Barnhardt and Milloway voting against, the Board earmarked $200.00 of the <br />Board Directed Expense Account to be used to send flowers for the death <br />of a County employee and/or spouse. <br /> At 7:05 P.M., the Chairman of the Board of Commissioners for the <br />County of Cabarrus (the "Board") announced that the Board would proceed <br />to hold a public hearing and would hear anyone who wished to be heard on the <br />proposed issuance by The Cabarrus County Industrial Facilities and Pollution <br />Control Financing Authority (the "Authority") of not exceeding $2,200,000 <br />aggregate principal amount of its industrial development revenue bonds to <br />finance the construction of an addition to an existing production, warehousing <br />and administrative facility located at 300 U.S. Highway 29 South, Cabarrus <br />County, North Carolina, including installation of equipment for the production <br />and distribution of.coffee and tea and the distribution of soft drink syrups <br />and related products (the'%ndustrial Project"). The Industrial Project is <br />to be operated by S&D Coffee, Inc., a North Carolina corporation (the "Company"). <br /> The Chairman stated that the Authority had adopted a resolution expressing <br />its intention to issue industrial development revenue bonds and authorizing <br />the execution and delivery of a memorandum of agreement pertaining to the <br />financing of the Industrial Project for the Company. The Chairman then <br />submitted copies of the resolution and the memorandum of agreement to the <br />Board. <br /> The Clerk to the Board presented an affidavit of an officer of The <br />Concord Tribune, Inc., showing publication in The Concord Tribune, Inc. on <br />August 3, 1984, a date at least 14 days prior hereto, of notice of the <br />public hearing. The Chairman directed that the affidavit of publication be <br />attached to this extract of minutes as Exhibit A. <br /> The Chairman requested that the Clerk to the Board inquire to determine <br />whether there were any other persons present who wished to speak at the <br />public hearing. The Clerk to the Board made such inquiry and reported that <br />no other persons wished to speak at the public hearing. The names and <br />addresses of the persons who were present and who offered comments on the <br />proposed issuance of the industrial development revenue bonds to finance <br />the Industrial Project and a summary of their testimony is appended as <br />Exhibit B. <br /> At 7:25 P.M. (at least 15 minutes after the time shown on page 1 as <br />the time of the start of the public hearing), the Chairman requested that <br />the Clerk to the Board inquire again to determine whether there were any <br />other persons present who wished to speak at the public hearing. The Clerk <br />to the Board made such inquiry and reported that there were no other persons <br />who wished to speak at the public hearing. <br /> After the Board had heard all persons who had requested to be heard, <br />Commissioner Nash moved that the public hearing be closed. The motion was <br />seconded by Commissioner Milloway and was unanimously adopted. <br /> The Chairman stated that under the Internal Revenue Code of 1954, as <br />amended, the Board must approve the issuance of the Authority's industrial <br />development revenue bonds if the interest thereon is to be exempt from federal <br />income tax. <br /> Commissioner Milloway then introduced the following resolution, a copy <br />of which was distributed to each Commissioner: <br /> <br /> <br />