BC 1984 02 20 - Laserfiche WebLink

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494 The Chairman stated that the Authority had adopted a resolution expressing its intention to issue revenue bonds and authorizing the execution and delivery of an Amended and Restated Memorandum of Agreement pertaining to the financing of the Project for the Company and that a copy of the resolution and the Amended and Restated Memorandum of Agreement had been distributed to each member of the Board with their agenda. Attached is an affidavit of an officer of The Concord Tribune showing publication in The Concord Tribune on February 3, 1984, a date more than 14 days prior hereto, of notice of the public hearing. The names and addresses of the persons who were present and who offered comments on the proposed issuance of the bonds to finance the Project and a summary of their comments is attached as Exhibit A hereto. After the Board had heard all persons who requested to be heard, Commissioner Milloway moved that the public hearing be closed. The motion was seconded by Commissioner Barnhardt and was unanimously adopted. The Chairman stated that under the Internal Revenue Code of 1954, as amended, the Board must approve the issuance of the Authority's industrial revenue bonds if the interest thereon is to be exempt from federal income tax. Commissioner Milloway then introduced the following resolution, a copy of which was distributed to each Commissioner: RESOLUTION APPROVING THE ISSUANCE OF UP TO $3,800,000 INDUS- TRIAL REVENUE BONDS OF THE CABARRUS COUNTY INDUSTRIAL FACILI- TIES AND POLLUTION CONTROL FINANCING AUTHORITY TO FINANCE AN INDUSTRIAL PROJECT FOR NC PLASTICS, 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 $3,800,000 of its revenue bonds to pay all or a portion of the costs of the acquisition, construction and installation of a 9.84-acre tract of real property located at 145 Caldwell Road, Harrisburg, North Carolina, an approximately 55,000 square foot building on such tract and machinery and equipment for plastic injection molding and other plastic fabrication processes in such building (the Project); and WHEREAS, NC Plastics, Inc., a North Carolina corporation (the Company), will be the operator of 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 co~ents of persons who requested to be heard; and