BC 1983 07 05 - Laserfiche WebLink

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330 Commissioner Lentz then introduced the following resolution, a copy of which was distributed to each Commissioner: RESOLUTION APPROVING THE ISSUANCE OF UP TO $1,500,000 INDUSTRIAL REVENUE BONDS OF THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY TO FINANCE AN INDUSTRIAL PROJECT FOR PLASTICS MANUFACTURING, INC. WHEREAS, the Board of Commissioners of the County of Cabarrus (the Board) has created a political subdivision and body corporate and politic of the State of North Carolina known as "The Cabarrus County Industrial Facilities and Pollution Control Financing Authority" (the Authority); and WHEREAS, the Authority is authorized under the Industrial and Pollution Control Facilities Financing Act, Chapter 159C of the General Statutes of North Carolina, as amended (the Act), to issue revenue bonds for the purpose among others, of paying all or any part of the cost of any industrial or pollution control project for industry; to acquire, construct, improve and equip any such project; and to make and execute financing agreements, security documents and other contracts and instruments necessary or convenient in the exercise of such powers; and WHEREAS, the Authority has determined to issue up to $1,500,000 of its revenue bonds to pay all or a portion of the costs of the acquisition, construction and installation of an approximately 11 acre tract of real property on Highway 49 North approximately one mile north of Harrisburg, North Carolina, the existing 12,000 square foot concrete block building on such property, the expansion and renovation of such building and machinery and equipment for plastic injection molding and other plastic fabrication processes to be used in the renovated building and the existing facility of Plastics Manufacturing, Inc. (formerly Piedmont Plastics, Inc.) (the Company) south of Harrisburg, North Carolina on Highway 49 North (the Project); and WHEREAS, the Authority intends to file an application for approval of the Project with the Secretary of the Department of Commerce (the Department), as required by the Act; and WHEREAS, the Department has, by regulation, provided that no application for approval of a project by the Department will be officially received until the governing body of the county from which the application is made has, by resolution after having held a public hearing, approved the issue of revenue bonds and approved in principle the proposed project and a certified copy of such resolution has been provided to the Department; and WHEREAS, the Board, pursuant to public notice duly given, has held a public hearing on the proposed revenue bond issue and Project and has considered the comments of persons who requested to be heard; and WHEREAS, the Board desires to approve the Project in principle; NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The issuance of revenue bonds by the Authority to finance the Project is hereby approved. 2. The Project is hereby approved in principle. 3. The Clerk of the Board is hereby authorized and directed to provide a certified copy of this resolution to the Department. 4. This resolution shall take effect immediately upon its passage. Commissioner Lentz moved the passage of the foregoing resolution entitled "RESOLUTION APPROVING THE ISSUANCE OF UP TO $1,500,000 INDUSTRIAL REVENUE BONDS OF THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY TO FINANCE AN INDUSTRIAL PROJECT FOR PLASTICS MANUFACTURING, INC., and Commissioner Payne seconded the motion, and the resolution was passed by the following vote: