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AG 1997 04 21
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AG 1997 04 21
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Last modified
3/25/2002 6:28:04 PM
Creation date
11/27/2017 11:53:35 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/21/1997
Board
Board of Commissioners
Meeting Type
Regular
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WHEREAS, the Authority is authorized under the Industrial and Pollution Control <br />Facilities Financing Act, Chapter 159C of the General Statutes of North Carolina, as amended <br />(the "Act"), to issue industrial revenue bonds for the purpose, among others, of paying all or any <br />part of the cost of any industrial or pollution control project for industry; to acquire, construct, <br />improve and equip any such project; and to make and execute financing agreements, security <br />documents and other contracts and instruments necessary or convenient in the exercise of such <br />powers; and <br /> <br /> WHEREAS, the Authority has determined to issue not exceeding $1,700,000 aggregate <br />principal amount of its qualified small issue industrial revenue bonds to pay all or a portion of <br />the costs of the acquisition and installation of approximately 27 circular knitting machines, <br />storage racks for knitted fabric and related computer equipment for the manufactui'e of tubular <br />knit fabric at the Company's existing plant location at 245 Manor Avenue, Concord, Cabarrus <br />County, North Carolina (the "Project") to be owned and operated by Fun-Tees, Inc., a North <br />Carolina corporation, the interest on said bonds to be excludable from gross income of the <br />owners thereof for purposes of federal income taxation by virtue of the provisions of Section 103 <br />of the Internal Revenue Code of 1986, as amended, or any successor thereof; and <br /> <br /> WHEREAS, the Authority intends to file an application for approval of the Project with <br />the Secretary of the Department of Commerce (the "DOC"), as required by the Act; and <br /> <br /> WHEREAS, the DOC has, by regulation, provided that no application for approval of a <br />project will be officially received until the governing body of the County from which the <br />application is made has, by resolution after having held a public hearing, approved the issuance <br />of revenue bonds and approved in principle the proposed project and a certified copy of such <br />resolution has been provided to the DOC; and <br /> <br />WHEREAS, the Project will be located wholly within Cabarrus County; and <br /> <br /> WHEREAS, the Board of County Commissioners, pursuant to public notice duly given, <br />has held a public hearing on the proposed qualified small issue industrial revenue bond issue and <br />Project and has considered the comments of persons who requested to be heard; and <br /> <br /> WHEREAS, the Board of County Commissioners desires to approve the issuance of the <br />qualified small issue industrial revenue bonds and approve the Project in principle; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the <br />County of Cabarms as follows: <br /> <br /> (I) The issuance of qualified small issue industrial revenue bonds by the <br />Authority in an aggregate principal amount not exceeding $1,700,000 to finance the <br />Project is hereby approved. <br /> <br />(2) The Project is hereby approved in principle. <br /> <br />FSDOCS\B S I~CO RPORATx250692_ 1 .DOC <br /> <br />3 <br /> <br /> <br />
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