AG 1997 06 16 - Laserfiche WebLink

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DRAFT Commissioner Barnhart moved that the Board ratify the publication of the Notice and designate this meeting as a public hearing on the revenue bond issue and the Project. The motion was seconded by Commissioner Nlblock and was unanimously adopted. The Clerk of the Board of Commissioners reported that no written comment about the proposed Project or the related bond issue had been received. At approximately 6:45 p.m., Chairperson Casper announced that the Board would hear anyone who wished to be heard on the advisability of issuing the revenue bonds and the Project. The presiding officer then recognized such persons, if any, who appeared either in person or by attorney, to be heard on the question of the advisability o£ the proposed Project or the issuance of said bonds, The names and addresses of the persons who were present and summaries of their comments are as follows: None. Mr. J.D. Cline, a representative of the Company, answered several questions about the Company, its operations and employees by certain of the Board members, After the Board had heard all persons who requested to be heard, Commissioner Barnhart moved that the public hearing be closed. The motion was seconded by Commissioner Niblock and was unanimously adopted, Commissioner Barnhart stated that under the Internal Revenue Code of 1986, as amended, the Board must approve the issuance of the Authority's qualified small issue industrial revenue bonds if the interest thereon is not to be includable in the gross income of the owners thereof for purposes of federal income taxation. Commissioner Barnhart introduced the following resolution which was previously circulated to all members of ~he Board prior to the meeting. Resolution No. 1997-13 RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF NOT EXCEEDING $1,700,000 AGGREGATE PRINCIPAL AMOUNT OF ITS QUALIFIED SMALL ISSUE INDUSTRIAL REVENUE BONDS TO FINANCE AN INDUSTRIAL AND MANUFACTURING PROJECT IN CABARRUS COUNTY, NORTH CAROLINA FOR FUN-TEES, INC. AND APPROVING SUCH PROJECT IN PRINCIPLE WHEREAS, the Board of Commissioners for the County of Cabarrus has created a political subdivision and body corporate and politic of the State of North Carolina known as "The Cabarrus County Industrial Facilities and Pollution Control Financing Authority" (the "Authority"); and 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 manufacture 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