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143 <br /> <br />the manufacture of hollow metal doors and related products, <br />to be financed for The Marmon Group, Inc., by an amount not <br />in excess of~ $2,500,000 aggregate principal amount of b~nds <br />of the Authority. Since such application for approval cannot, <br />under regulations of the Department of Commerce, be officially <br />received until, among other things, the Board approved the <br />project in principle,, the Authority has recommended and <br />requested that the Board pass a resolution approving the project <br />in principle without in any way prejudicing the right and <br />responsibility of the Board under G.S. 159C-4(d) to approve <br />or not to approve the issuance of the bonds after the Department <br />of Commerce has approved the project and the Local Government <br /> <br />Commission has approved the bond issue, by which time additional <br />information relative to the project, the company and the proposed <br /> <br /> financing will have been developed. <br /> <br /> Thereupon, Commissioner McClary introduced the following <br /> resolution which was read: <br /> <br /> RESOLUTION OF APPROVAL IN PRINCIPLE OF <br /> AN INDUSTRIAL AND MANUFACTURING PROJECT <br /> IN CABARRUS COUNTY, NORTH CAROLINA, TO <br /> BE FINANCED FOR THE MARMON GROUP, INC., <br /> BY AN AMOUNT NOT IN EXCESS OF $2,500,000 <br /> AGGREGATE PRINCIPAL AMOUNT OF BONDS OF THE <br /> CABARRUS COUNTY INDUSTRIAL FACILITIES AND <br /> POLLUTION CONTROL FINANCING AUTHORITY. <br /> <br /> BE IT RESOLVED by the Board of Commissioners for the County <br /> of Cabarrus: <br /> <br /> Section 1. The proposed industrial and manufacturing project <br /> in Cabarrus County~ North Carolina to be leased to The Marmon <br /> Group, Inc., consisting of the acquisition of an 80,000 square <br /> foot building and the 17 acre site thereof, improvements thereto <br /> and equipment for' the manufacture of hollow metal doors and <br /> related projects, in Cabarrus County, North Carolina, to be <br /> financed by not exceeding $2,500,000 aggregate principal amount <br /> of bonds of The Cabarrus County Industrial Facilities and <br /> Pollution Control Financing Authority is hereby approved in <br /> principle. <br /> <br /> Section 2. The Clerk to the Board of Commissioners for <br /> <br /> the County of Cabarrus, North Carolina, is directed to file <br /> a certified copy of this resolution with the Department of <br /> Commerce. <br /> <br /> <br />