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lnjection molding and other plastic fabrication processes in such building (the Project); and WHEREAS, NC Plastics, Inc., a North Carolina corporation (the Company), will be the operator of the Project; and WHEREAS, the Authority intends to file an application for approval of the Project with the Secretary of the Department of Commerce (the Department), as requi~ed by the Act; and WHEREAS, the Department has, by regulation, provided that no application for approval of a project by the Department 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 issue of revenue bonds and approved in principle the proposed project and a certified copy of euch resolution has been provided to the Department; and WHEREAS, the Board, pursuant to public notice duly given, has held a public hearing on the proposed revenue bond issue and Project and has considered the comments of persons who requested to be heard; and WHEREAS, the Board desires to approve the Project in princi- ple; NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The issuance of revenue bonds by the Authority to finance the Project is hereby approved. 2. The Project is hereby approved in principle. 3. The Clerk of the Board is hereby authorized and directed to provide a certified copy of this resolution to the Department. 4. This resolution shall take effect immediately upon its passage. Commissioner j~--%~ moved the passage of the foregoing resolution entitled "~ESOLUTIOR APPROVING THE ISSUANCE OF UP TO $3,800,000 INDUSTRIAL REVENUE BONDS OF THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY TO FINANCE AN INDUSTRIAL PROJECT FOR NC PLASTICS, INC., and Commissioner ~.~-~7' seconded the motion, and the resolution was passed by the following vote: Ayes: Noes: