BC 1984 10 15 - Laserfiche WebLink

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83 2. approved and authorized the execution and delivery of the Bond Purchase Agreement dated as of October 1, 1984, among the Authority, S & D Coffee, Inc. (the "Company") and NCNB National Bank of North Carolina (the "Bank"), providing for the issuance of the Bond; 3. approved and authorized the loan of the proceeds of the sale of the Bond to the Company to finance an industrial project for the Company in Cabarrus County; 4. approved and authorized the execution and delivery of the Loan Agreement dated as of October 1, 1984, between the Authority and the Company, providing for the loan of the proceeds of the sale of the Bond by the Authority to the Company; 5. approved and authorized the acceptance from the Company and the assignment of a promissory note in the principal amount of $2,200,000 dated as of the date of closing for the Bond; 6. approved and authorized the execution and delivery of the Assignment dated as of October 1, 1984 from the Authority to the Bank; 7. approved the form of a Guaranty Agreement dated as of October 1, 1984, between the Company and the Bank; 8. authorized the making of a tax election and the execution of closing certificates and documents in connection with the issuance and sale of the Bond. (b) The Board of Commissioners for the County of Cabarrus has re- viewed the action taken by the Board of Commissioners of the Authority in connection with the issuance and sale of the Bond and has made such other examination and investigation as it deems necessary and relevant as the basis for the approval set forth herein. Section 2. Pursuant to and in satisfaction of the requirements of Section 159C-4(d) of the General Statutes of North Carolina, the Board of Commissioners for the County of Cabarrus hereby approves the issuance by the Authority of the Authority's Industrial Revenue Bond (S & D Coffee, Inc. Project) in the principal amount of $2,200,000. Section 3. This resolution shall take effect immediately upon its passage. Cormnissioner Payne moved the passage of the foregoing resolution and Commissioner Milloway seconded the motion, and the resolution was passed by the following vote: Ayes: Commissioners Lentz, Barnhardt, Milloway, Nash, and Payne. Noes: None The Board reviewed the proposed agreement between the Town of Mt. Pleasant and the County of Cabarrus for the construction of a dam and lake on Black Run Creek. During this review, questions were posed regarding the capacity of the proposed lake, the capacity of the filter plant for the Town of Mt. Pleasant, the proposed amount of 200,000 gallon~ of water per day to be available to Cabarrus County, and the equal sharing of water by the Town and County in the event of a water shortage. In regards to the concern regarding the equal sharing during a water shortage, Mr. John R. Boger, Jr., County Attorney, suggested that a provision be added stipulat- ing that the County would receive 200,000 gallons of water daily or 20 percent of the daily output of the treatment facility, whichever is less. UPON MOTION of Commissioner Barnhardt, seconded by Commissioner Payne and unanimously carried, the Board delayed consideration of the proposed agreement between the Town of Mt. Pleasant and the County of Cabarrus until the November meeting with the engineers and representatives from the Town of Mt. Pleasant to be present at that time.