AG 2001 02 19 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. RESOLUTION APPROVING THE SELECTION OF ~OND COUNSEL FOR PROPOSED EX~lvIPT FACILITY REVENUE BONDS TO BE ISSUED BY THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY. WHEREAS, The Cabarms County Industrial Facilities and Pollution Control Financing Authority (the "Authority") is authorized by Chapter 159C, General Statutes of North Carolina, as amended (the "Act"), to select and retain, subject to approval of the Local Government Commission, the bond attorneys to be associated with the issuance of any bonds, and to pay for services rendered by bond attorneys out of the proceeds of such issue with regard to which the services were performed; and WHEREAS, Corning Incorporated, a corpomtlon organized under the laws of the State of New York (the "Company"), has entered into negotiations with the Authority seeking its assistance in the financing of a "project" within the meaning of Section 159C-3(11) of the Act, such project to be located within the boundaries of Cabarrus County, North Carolina (the "County"), through the issuance of exempt facility revenue bonds of the Authority in the aggregate principal amount of approximately $60,000,000 (the "Transaction"); and WHEREAS, the Company has requested that the law firm. of Chapman and Cutler (the "Firm") serve as bond counsel for the proposed Transaction; and WHEREAS, the Firm is on the Local Government Commission's list of approved bond counsel; and WHEREAS, the Firm has not previously served as bond counsel for either the Authority or the County, and it is necessary for the Authority and the County to approve such Firm as bond counsel prior to the preparation of or execution of any documents in connection with the Transaction;