AG 2001 04 23 - Laserfiche WebLink

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WFt~REAS, The Cabarrus County Industrial Facilities and Pollution Control Financing Authority (the 'Authority") ia 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 WHERFJ%9, Corning Incorporated, a corporation organized uhder 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 ~e 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 $65,000,000 (the 'Transaction"); and W~P. EAS, the Company has requested that the law firm of Chapman and Cutler (the "Firm") serve as bond counsel for the proposed Transaction; and W~EP. EAS, the Firm ia on the Local ~overnment Commission's list of approved bond counsel; and WHEREAS, the Firm has not previously served aa 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; NOW, THEREFORE, B~ IT RESOLVED by the Board of Commissioners of Cabarrus County, North Carolina, as follows: (1) The proposed Transaction consists of facilities for the disposal of sewage and solid wastes (the ~Project") at the manufacturing complex of the Company being constructed in Cabarrus County, North Carolina near the City of Concord. (2) The Company has represented that it will request the Authority to issue exempt facilities revenue bonds in mn amount sufficient to finance costs of the Project, currently estimated to be approximately $65,000,000. {3) This Board of Commissioners does hereby find and determine that the law firm of Chapman and Cutler is qualified to serve as bond counsel for the Authority, in that: (a) The Firm has extensive experience serving as bond counsel and capabilities in each of the following areas: North Carolina municipal law (including, in particular, Chapter 159C of the General Statutes of North Carolina, the Industrial and Pollution Control Facilities Financing Act); municipal finance and municipal securities law; corporate finance and corporate securities law; and tax law; (b) The Firm has represented to the Authority that it is prepared to render an independent unqualified approving opinion as to she validity of the bonds and as to the exemption of interest on the bonds from federal income tax; (c) The Firm does not have a conflict of interest in serving as bond counsel; the Firm has represented to the Authority that it will not represent the Company in the Transaction, is not general counsel to the Company and is not currently representing the Company in connection with any other matters~ the Firm is not regular counsel for either the Authority or the County; and (d) The Firm has advised the Authority and the' Company that its legal fees in connection with the Transaction will be based upon the amount of time expended, calculated at the Firm's normal hourly rates (plus reimbursement for customary expenses) for the contemplated Transaction. (4) The Board of Commissioners hereby concludes that it is in the best interest of the Authority that the Firm serve as bond coumsel for the Transaction and approves the selection of the ~irm to act in such capacity. (S) The Clerk is hereby directed to file a copy of this resolution with the Secretary of Authority and with the Division of State and Local ~overnment Finance for the State of North Carolina. (6) This resolution shall take effect immediately upon ~ts passage. Passed this 26~ day of March, 2001. /s/ Az'ne L. Fennel Attest: Chairman /s/ Frankie F. Bonds Clerk ITEMS P.E~OVED PROM 'r~ CONSENT AGENDA FOR DISCUSSION Award of Bid ($164,?98) to Lake Rlactric for Electrical Renovations (Generator) at Govsz~mental Center