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Commissioner moved that the Board ratify the publication of the Notice <br />and designate this meeting as a public hearing on the revenue bond issue and the Project. The <br />motion was seconded by Commissioner and was unanimously adopted. <br /> <br /> Mr. J. D. Cline, a representative of the Company, gave a brief description of the proposed <br />Project. <br /> <br /> The Clerk of the Board of Commissioners reported that no written comment about the <br />proposed Project or the related bond issue had been received. <br /> <br /> At__ o'clock, .M., announced that the Board would hear anyone who <br />wished to be heard on the advisability of issuing the revenue bonds and the Project. The <br />presiding officer then recognized such persons, if any, who appeared either in person or by <br />attorney, to be heard on the question of the advisability of the proposed Project or the issuance of <br />said bonds. The names and addresses of the persons who were present and summaries of their <br />comments are as follows: <br /> <br /> After the Board had heard all persons who requested to be heard, Commissioner __ <br />moved that the public hearing be closed. The motion was seconded by Commissioner <br />and was unanimously adopted. <br /> <br /> stated that under the Internal Revenue Code of 1986, as amended, the <br />Board must approve the issuance of the Authority's qualified small issue industrial revenue <br />bonds if the interest thereon is not to be includable in the gross income of the owners thereof for <br />purposes of federal income taxation. <br /> <br /> Commissioner <br />loud: <br /> <br />introduced the following resolution which was read out <br /> <br />Resolution No. <br /> <br />RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY <br />INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING <br />AUTHORITY OF NOT EXCEEDING $1,700,000 AGGREGATE PRINCIPAL <br />AMOUNT OF ITS QUALIFIED SMALL ISSUE INDUSTRIAL REVENUE <br />BONDS TO FINANCE AN INDUSTRIAL AND MANUFACTURING PROJECT <br />IN CABARRUS COUNTY, NORTH CAROLINA FOR FUN-TEES, INC. AND <br />APPROVING SUCH PROJECT IN PRINCIPLE. <br /> <br /> WHEREAS, the Board of Commissioners for the County of Cabarrus has created a <br />political subdivision and body corporate and politic of the State of North Carolina known as <br />"The Cabarms County Industrial Facilities and Pollution Control Financing Authority" (the <br />"Authority"); and <br /> <br />F:\DOCSXBSgCORPORAT~250692_ t .DOC <br /> <br />2 <br /> <br /> <br />