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building and the acquisition and installation of equipment <br />therein for the production of plastic products On property to <br />be purchased by Piedmont Plastics, Inc., at the intersection <br />of N.C. Highway 49 and Caldwell Road near Harrisburg in <br />Cabarrus County, to be financed for Piedmont Plastics, Inc. <br />by industrial revenue bonds of the Authority not in excess of <br />$2,000,000 in aggregate principal amount. Since such appli- <br />cation for approval cannot, under regulations of the Depart- <br />ment of Commerce, be officially received until, among other <br />things, the Board approves the project in principle, the <br />Authority has recommended and requested that the Board pass a <br />resolution approving the project in principle without in any <br />way prejudicing the right and responsibility of the Board <br />under GiS. 159c-4(d) to approve or not to approve the issuance <br />of the bonds after the Department of Commerce has approved <br />the project and the Local Gover~nent Commission has approved <br />the bond issue, by which time additional information relative <br />to the project, the Company and the proposed financing will <br />have been developed. <br /> <br /> Thereupon, Commissioner introduced <br />the following resolution the title of which was read: <br /> <br /> RESOLUTION OF APPROVAL IN PRINCIPLE FOR THE <br /> CONSTRUCTION OF AN INDUSTRIAL AND MANUFACTUR- <br /> ING PROJECT IN CABARRUS COUNTY, NORTH CAROLINA, <br /> TO BE FINANCED FOR PIEDMONT PLASTICS, INC. BY <br /> INDUSTRIAL REVENUE BONDS OF THE CABARRUS <br /> COUNTY INDUSTRIAL FACILITIES AND POLLUTION <br /> CONTROL FINANCING AUTHORITY NOT IN EXCESS OF <br /> $2,000,000 IN AGGREGATE PRINCIPAL AMOUNT. <br /> <br /> -2- <br /> <br /> <br />