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Authority's Industrial Revenue Bonds (Piedmont Plastics, Inc. <br /> Project) in the principal amount of $2,000~000; <br /> <br /> (1) authorized the borrowing under and the issuance and <br /> performance of the Authority's Industrial Revenue Bonds <br /> (Piedmont Plastics, Inc. Project) in the principal amount of <br /> $2,000,000 and directed the execution and delivery of said <br /> Bonds; <br /> <br /> (2) approved and authorized the execution, delivery and <br /> performance of (~) the Bond Purchase Agreement among the <br /> Authority, Southern National Bank of North Carolina (tile <br /> "Purchaser") and Piedmont Plastics, Inc. (the "Company"); <br /> (b) the Loan Agreement between the Authority and the Company, <br /> with the form of the Company's Notes attached as Exhibits A <br /> and B thereto; (c) the Security Agreement between the Company <br /> and the Authority; and (d) the Assignment between the Author- <br /> ity and the Purchaser; <br /> <br /> (3) approved the form of the Notes and authorized the <br /> endorsement thereof without recourse to the order of and the <br /> pledge thereof to the Purchaser; and <br /> <br /> (4) approved the form of (a) the Guaranty Agreement <br /> between the Company and the Purchaser; and (b) the Deed of <br /> Trust from the Company to James R. Bryant, III, Trustee for <br /> the Authority. <br /> <br /> B. The Board of Commissioners for the County of Cabarrus has <br />reviewed the action taken by the Board of Commissioners of the <br />Authority in connection with the issuance and sale of the Bonds <br />and has made such other examination and investigation as it deems <br />necessary and relevant as the basis for the approval set forth <br />herein. <br /> <br /> Section 2. Pursuant to and in satisfaction of the require- <br />ments of Section 159C-4(d) oE the General Statutes of North <br />Carolina, the Boar~ of Commissioners for the County of Cabarrus <br />hereby approves the issuance by the Authority of the Authority's <br />Industrial Revenue Bonds (Piedmont Plas~icst Inc. Project) in the <br />principal amount of $2,000,000. <br /> <br /> Section 3. The Clerk to the Board of Commissioners for the <br />County of Cabarrus, North Carolina, is directed to file a certi- <br />fied copy of this resolution with the Department of Commerce. <br /> <br /> Section 4. This resolution shall take effect upon its <br />passage. <br /> <br /> Commissioner moved the passage of <br />the foregoing Resolution and Commissioner - <br />seconded the motion, and the Resolution was passed by the follow- <br />ing vote: <br /> <br /> - 2 - <br /> <br /> <br />