Laserfiche WebLink
29 <br /> <br /> RESOLUTION APPROVING THE SELECTION OF BOND COUNSEL <br /> FOR PROPOSED EXEMPT FACILITY REFE~JE BONDS TO BE <br /> IS~u~ BY THE CABARRUS COUNTY INDUSTRIAl. FACILITIES <br /> AND POLLUTION CONTROL FINANCING AUTHOEITY. <br /> <br /> Wm~J%S, The Csbarrus County Industrial Facilities and Pollution <br />Control Financing Authority (the ~Authority") is authorized.by Chapter <br />General Statutes of North Carolina, as amended (=he ~Act#), to select and <br />retain, sub, eot to approval of =he Local ~overnment Coeunisslon, the bond <br />attorneys to be associated with the issuance of any bonds, and to pay for <br />services rendered by bond attorneys out o£ the proceeds of such issue with <br />regard =o which =he services were performed; and <br /> WHEREAS, Corning Incorporated, a corporation organized under the laws <br />of =he State of New York (the 'Company'}, has entered into negotiations with <br />the Authority seeking its assistance in the financing of a 'project" within <br />the meaning of Section 159C-3(11) of =he Act, such project to be located <br />within the boundaries of Cabarrus County, North Carolina (the <br />through the issuance of exempt facility revenue bonds of the Authority in the <br />aggregate principal amount of approxlmately $60,000,000 (=he 'Transaction#}; <br />and <br /> WB~REAS, the Company has requested that the law firm of Chapman and <br />Cutler (the ~Firm'} serve as bond counsel for the proposed Transaction; and <br /> WHEREAS, ~he Firm is on the Local Government Commission's list of <br />approved bond counsel; and <br /> WHEREAS, the Firm has not previously served ss bond counsel for either <br />the Authority or the County, and it is necesaaFy for the Authority and the <br />County to approve such Firm as bond counsel prior to =he prepare=ion of or <br />execution of any documents in connection with the Transaction~ <br /> NOW, T~EFORE, BE IT ~SOLVED by =he Board of Commissioners of <br />Cabarrus County, North Carolina, as follows: <br /> (1} The propose~ Transaction consists of facilities for the disposal cf <br />sewage and solid wastes (=he''Project') at the manufacturing complex of the <br />Company being constructed in CabaTrue County, North Carolina near the cit~ of <br />Concord. <br /> (2) The Company has represented that it will request the Authority to <br />issue exempt facilities revenue bonds in an amount sufficient to finance <br />costs of ~he Project, currently estimated to ba approximately $60,0O0,000. <br /> (3) This Board of Commissioners does hereby find and de=ermine that the <br />law firm of Chapman and Cutler is qualified to serve as bond counsel for the <br />Authority, in =hat: <br /> (a) The Firm has extensive ex~erience serving as bond counsel and <br /> capabilities in each of the following areas: North Carolina municipal <br /> law (including, in particular, Chapter 159C of =he ~eneral Statutes of <br /> North Carolina, the Indue=rial and Pollution Control Facilit~ce <br /> Financing Act} = municipal finance and municipal securities law~ <br /> Corporate finance and corporate securities law; and tax law; <br /> (b) The Firm has represented to the Authority that it ia prepared <br /> to r~nder an independent unqualified approving opinion as to the <br /> validity of the bonds and as to =he exemption of interest on the bonds <br /> from federal income <br /> (c) The Firm does not h=ve s conflict of interest in serving as <br /> bbnd counsel; =he Firm has represented =o =he Authority that it will <br /> no= represent the Company in the Transaction,. is not ge~eral counsel to <br /> the Company and. ie no= currently representing the Company in connection <br /> with any other matters~ =he Firm is not regular counsel for either the <br /> Authority or the County~ and <br /> (d}. The Firm has advised the Authority and the Company that <br /> legal fees in coanection with the Transaction will be based upon =he <br /> amount of time expended, calculated a= the Firm's normal hourly rates <br /> (plus reimbursement for customary expenses) for the contemplated <br /> Transaction. <br /> {4) The Board of Commissioners hereby concludes that it is in the best <br />interest of the Authority that the Firm serve as bond counsel for the <br />Transaction and approves the selection of =he Firm to ac= in such capacity. <br /> {S} The Clerk ie hereby directed to file a copy of this resolution with <br />2he Secretary of Authority and wi~h the Division of State and Local <br />Government Finance for the State of North Carolina. <br /> (6) Thee resolution shall take effect immediately upon its passage. <br /> Passed this 19 day of February, 2001. <br /> <br /> /e/ Arne L. Fennel <br /> Chairman <br /> <br />Attest: <br />/s/ Frankie F. Bonds <br /> <br />Clerk <br /> <br /> <br />