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543 <br /> <br /> UPON SUBSTITUTE MOTION of Commissioner Payne, seconded by Commissioner <br />Nash with Commissioners Payne and Nash and Chairman Lentz voting for and <br />Commissioners Milloway and Barnhardt voting against, the Board moved that <br />the Ordinance Governing Surface Discharge Sewage Treatment Plants in <br />Cabarrus County, Nor.th Carolina be tabled. <br /> Mr. Gordon L. Belo, Acting Attorney for the Cabarrus County Industrial <br />Facilities and Pollution Control Financing Authority, and Mr. Samuel F. <br />Davis, Jr., Attorney representing Morrison Millwork, Inc., briefly <br />reviewed the request for approval of the issuance by the Authority of <br />the Authority's Industrial Revenue Bond (Morrison Millwork, Inc. Project) <br />in the principal amount of $800,000. <br /> Commissioner Payne introduced the following resolution: <br /> <br />Resolution # <br /> <br />RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY <br />INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING <br />AUTHORITY OF ITS INDUSTRIAL REVENUE BOND (MORRISON MILLWORK, <br />INC. PROJECT), IN THE PRINCIPAL AMOUNT OF $800,000 TO <br />FINANCE AN INDUSTRIAL PROJECT FOR MORRISON MILLWORK, INC. <br /> <br /> BE IT RESOLVED by the Board of Commissioners for the County of <br />Cabarrus: <br /> <br /> Section 1. The Board of Commissioners has determined and does hereby <br />declare as follows: <br /> <br /> (a) The Board of Commissioners of The Cabarrus County <br />Industrial Facilities and Pollution Control Financing Authority <br />(the "Authority") met on April 10, 1984, and took the following <br />action in connection with the proposed issuance and sale of the <br />Authority's Industrial Revenue Bond (Morrison Millwork, Inc. <br />Project), in the principal amount of $800,000. <br /> <br />(~) <br /> <br />authorized the borrowing under and the issuance and <br />performance of the Authority's Industrial Revenue Bond <br />(Morrison Millwork, Inc. Project) in the principal <br />amount of $800,000 and directed the execution and <br />delivery of said Bond; <br /> <br />(~) <br /> <br />(3) <br /> <br />approved and authorized the execution, delivery and <br />performance of the Bond Purchase Agreement dated as of <br />March 1, 1984, among the Authority, Northwestern Bank <br />(the "Purchaser") and Morrison Millwork, Inc. (the <br />"Company"), providing for the sale of the Bond; <br /> <br />approved and authorized the execution, delivery and <br />performance of the Loan Agreement, dated as of March 1, <br />1984, between the Authority and the Company with the <br />form of the Company's Promissory Note dated as of <br />March 1, 1984 (the "Note") attached as Exhibit "A" <br />thereto; <br /> <br />(4) <br /> <br />(5) <br /> <br />(6) <br /> <br />(7) <br /> <br />approved the form of the Note and authorized the endorse- <br />ment thereof without recourse to the order of and the <br />pledge thereof to the Purchaser; <br /> <br />approved and authorized the execution, delivery and <br />performance of the Assignment, dated as of March 1, <br />1984, between the Authority and the Purchaser; <br /> <br />approved and authorized the execution, delivery and <br />performance of the Security Agreement, dated as of <br />March 1, 1984, between the Authority and the Company; <br /> <br />approved the form of the Deed of Trust, dated as of <br />March 1, 1984, from the Company to J. Thomas Dunn, <br />Trustee for the Authority; <br /> <br /> <br />