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Industrial Facilities Pollution Control Financing Authority <br />(IFPCFA) <br />2010 Annual Report <br />Statutory Requirement: <br />§ 159C -22. Annual reports; application of Article 3, Subchapter III of Chapter 159. <br />Each authority shall, promptly following the close of each calendar year, submit an annual report of its <br />activities for the preceding year to the governing body of the county for which the authority was <br />created. Each such report shall set forth a complete operating and financial statement covering the <br />operations of the authority during such year. The provisions of Article 3, Subchapter III of Chapter 159 <br />of the General Statutes of North Carolina entitled: "The Local Government Budget and Fiscal Control <br />Act" shall have no application to authorities created pursuant to this Chapter. (1975, c. 800, s. 1; 1977, c. <br />719, s. 8.) <br />IFPCFA Purpose: This authority provides for the issuance of revenue bonds to aid in financing (1) <br />industrial and manufacturing facilities which provide job opportunities or better ways to help alleviate <br />unemployment and raise below- average manufacturing wages and (2) pollution control facilities for <br />industries. The 7- member authority meets as needed. Appointments are for terms of six years. <br />IFPCFA Membership: The Authority currently has five (5) active members and two (2) vacant positions. <br />Members include: Sanjay V. Mistry, Chairman; Robert L. Pierce, Jr., Vice Chairman; David C. Black, Dr. <br />James R. Haviland and Sherrill Laney. Richard M. Koch, Esquire, serves as counsel to the Authority and <br />Kay Honeycutt serves as secretary. <br />Meetings Held in 2010: The Authority met on February 23, 2010 and November 1, 2010. <br />Summary of Action(s) - February 23, 2010: <br />• Administered Oaths <br />• Elected Officers <br />• Approved "Resignation, Appointment and Acceptance Agreement for S &D Coffee, Inc., Series <br />1996" <br />• Approved "Restructuring of Bonds for Cannon Memorial YMCA Project, Series 2000, In the <br />Maximum Aggregate Principal Amount of $9.5 Million" <br />• Approved Meeting Minutes — February 23, 2010 <br />Summary of Action(s) — November 1, 2010: <br />• Approved "Inducement Resolution With Respect To Up To $100,000,000 Recovery Zone Facility <br />Bonds for Carolina USA Partners, LLC" <br />Excerpt from Cabarrus County Comprehensive Financial Report for the Year Ended June 30, 2010: <br />K. Conduit Debt Obligations I <br />Cabarrus County Industrial Facility and Pollution Control Authority has issued industrial <br />revenue bonds to provide financial assistance to private businesses for economic <br />development purposes. These bonds are secured by the properties financed as well as <br />by letters of credit and are payable solely from payments received from the private <br />L�! <br />Attachment number 1 <br />1 -1 Page 235 <br />