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CABARRUS COUNTY <br /> BOARD OF CO~qlSSIONERS <br /> <br /> Extracts f~m Minutes of <br /> Meeting of September 18, 1989 <br /> <br /> Present: Cheirman presiding, and Com- <br /> missioners <br /> <br /> Absent: <br /> <br /> Commissioner introduced the following <br /> <br /> resolution, the title of which was read: <br /> <br /> APPROVAL IN PRINCIPLE OF INDUSTRIAL PROJECT <br /> FOR OILES AI~ERICA COI~PORATION, AND THE <br /> NANCING THEREOF WITH INDUSS~RIAL REVF_~NUE BONDS <br /> IN A PRINCIPAL AI~OUNT OF UP TO $6,000,000 <br /> <br /> WHEREAS~ The Cabarrus County Industrial Facilities and Pol- <br /> lution Control Financln9 Authority (the Authority) has agreed to <br /> assist in the financing under the North Carolina Industrial and <br /> Pollution Control Facil'~ties Financing Act (the Act) of an indus- <br /> trial project by Oiles America Corporation, a Michigan cOrpora- <br /> tion (the Company), to acquire, construct, install and equip <br /> facility for the manufacture of self-lubricating bearings and re- <br /> lated products in Cabarrus County (the Project) and has indicated <br /> that agreement by the execution of an Inducement Agreement be- <br /> tween the parties dated as of July 27. 1989. and; <br /> <br />I"- WHeReAS: Under G.S. 159C-7 each project must be approved by <br /> the Secretary of the Department of Economic and Community Devel- <br /> opment (formerly the Department of Collmlerce) and, under' Chapter <br /> <br /> <br />