AG 1997 04 21 - Laserfiche WebLink

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WHEREAS, the Authority is authorized under the Industrial and Pollution Control Facilities Financing Act, Chapter 159C of the General Statutes of North Carolina, as amended (the "Act"), to issue industrial revenue bonds for the purpose, among others, of paying all or any part of the cost of any industrial or pollution control project for industry; to acquire, construct, improve and equip any such project; and to make and execute financing agreements, security documents and other contracts and instruments necessary or convenient in the exercise of such powers; and WHEREAS, the Authority has determined to issue not exceeding $1,700,000 aggregate principal amount of its qualified small issue industrial revenue bonds to pay all or a portion of the costs of the acquisition and installation of approximately 27 circular knitting machines, storage racks for knitted fabric and related computer equipment for the manufactui'e of tubular knit fabric at the Company's existing plant location at 245 Manor Avenue, Concord, Cabarrus County, North Carolina (the "Project") to be owned and operated by Fun-Tees, Inc., a North Carolina corporation, the interest on said bonds to be excludable from gross income of the owners thereof for purposes of federal income taxation by virtue of the provisions of Section 103 of the Internal Revenue Code of 1986, as amended, or any successor thereof; and WHEREAS, the Authority intends to file an application for approval of the Project with the Secretary of the Department of Commerce (the "DOC"), as required by the Act; and WHEREAS, the DOC has, by regulation, provided that no application for approval of a project will be officially received until the governing body of the County from which the application is made has, by resolution after having held a public hearing, approved the issuance of revenue bonds and approved in principle the proposed project and a certified copy of such resolution has been provided to the DOC; and WHEREAS, the Project will be located wholly within Cabarrus County; and WHEREAS, the Board of County Commissioners, pursuant to public notice duly given, has held a public hearing on the proposed qualified small issue industrial revenue bond issue and Project and has considered the comments of persons who requested to be heard; and WHEREAS, the Board of County Commissioners desires to approve the issuance of the qualified small issue industrial revenue bonds and approve the Project in principle; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the County of Cabarms as follows: (I) The issuance of qualified small issue industrial revenue bonds by the Authority in an aggregate principal amount not exceeding $1,700,000 to finance the Project is hereby approved. (2) The Project is hereby approved in principle. FSDOCS\B S I~CO RPORATx250692_ 1 .DOC 3