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1984 (the "Trust Indenture"), from the Authority to First Union National Bank, as Trustee (the "Trustee") providing for the sale of the Bonds; (3) approved and authorized the execution delivery and performance of the Loan Agreement, dated as of August 1, 1984, between the Authority and Orchard Electronics, Inc. (the "Company") with the form of the Company's Promissory Note dated as of August 1, 1984 (the "Note") attached as Exhibit "A" thereto; (4) approved the form of the Note and authorized the en- dorsement thereof without recourse to the order of and the pledge thereof to the Trustee; (5) approved and authorized the execution, delivery and performance of the Security Agreement, dated as of August 1,.1984, between the Authority and the Company; (6) approved the form of the Deed of Trust from the Company to John $oldati, as trustee for the benefit of the Authority, dated as of August 1, 1984; and (7) approved the form of the Guaranty Agreement between SFE Technologies and the Trustee, dated as of August 1, 1984. (b) The Board of Commissioners for the County of Cabarrus has reviewed the action taken by the Board of Commissioners of the Authority in connection with the issuance and sale of the Bonds and has made such other examination and investigation as it deems necessary and relevant as the basis for the approval set forth herein. Section 2. Pursuant to and in satisfaction of the require- ments of Section 159c-4(d) of the General Statutes of North Carolina, the Board of Commissioners for the County of Cabarrus hereby approves the issuance by the Authority of the Authority's Industrial Revenue Bonds (Orchard Electronics, lnc. Project) in the aggregate principal amount of $4,000,000. Section 3. This resolution shall take effect immediately upon its passage. Commissioner moved the passage of the fore- going resolution and the resolution was passed by the following vote: Ayes: Commissioners 2