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588 of the 1987 North Carolina Session Laws, the Federal Tax Re- <br />form Allocation Committee must allocate a sufficient amount of <br />North Carolina's "private activity bond limit," as defined in <br />Section 141 of the Internal Revenue Code of 1986, as amended, <br />(the Code) to the financing; and <br /> <br /> WHEREAS: The Rules and Procedures of the North Carolina De- <br />partment of Econo~ic and Community Development require that the <br />governing body of a county approve in principle any project to be <br />financed under the ACt; and <br /> <br /> WHEREAS, this Board of Commissioners has today held a public <br />hearing with respect to the advisability of the Project and the <br />issuance of bonds therefor; and <br /> <br /> WHEREAS: Section l{7(f) of the code requires that the Board <br />of Commissioners approve the plan of ffnancing for the bonds; and <br /> <br /> WHEREAS: The County Attorney has recommended that Messrs. <br />Huron ~ Williams, Raleigh, North Carolina, be hired as bond coun- <br />sel; <br /> <br /> NOW, THEREFORE,' the Board of Co~issloners of Cabarrus Coun- <br />ty, meeting in regular session at Concord, North Carolina, on <br />September 18, 1989, do the following; <br /> <br /> BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY <br />OF CABARRUS~ <br /> <br /> 1o The proposed "industrial project" consisting of the ac- <br />quiring, constructing, fnsta!llng and equipping of a <br />msnufacturfng facility in Cmbarrus County to be owned and oper- <br />ated by the Company and the issuance of bonds in an amount not to <br />exceed $6,000~D00 are hereby approved fn principle, <br /> <br /> <br />