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1. authorized the issuance of the Bond in the principal amount of $2,200,000 and directed the execution and delivery of said Bond; 2.. approved and authorized the execution and delivery of the Bond Purchase Agreement dated as.of October 1, 1984, among the Authority, S & D Coffee, Inc, (the "Company,') and NCNB National Bank of North Carolina (the "Bank"), providing for the issuance of the Bond; 3. approved and authorized the loan of the proceeds of the sale of the Bond to the Company to finance an industrial project for the Company in Cabarrus County; 4. approved and authorized the execution and delivery of the Loan Agreement dated as of October 1, 1984, between the Authority and the Company, providing for the loan of the proceeds of the sale of the Bond by the Authority to the Com- pany; 5. approved and authorized the acceptance from the Company and the assignment of a promis- sory note in the principal amount of $2,200,000 dated as of the date of closing for the Bond; 6. approved and aUthorized the execution and delivery of.the Assignment dated as of October 1, 1984 from the Authority to the Bank; 7. approved the form of a Guaranty Agree- ment dated as of October 1, 1984, between the Company and the Bank; 8. authorized the making of a tax election and the execution of closing certificates and documents in connection with the issuance and sale of the Bond. (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 Bond and has made such other examination and investigation as it deems necessary and relevant as the basis for the approval set forth herein. -2-