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575 <br /> <br />WHEREAS, the Department of Natural Resources and Community Development will <br /> be the State administering agency for the Community Development <br /> Block Grant Program; and <br /> <br />WHEREAS, the Economic Development portion of the Community Development <br /> Block Grant Program is designed to provide financial assistance <br /> needed to develop economic activities that will result in <br /> additional jobs available for low and moderate income people; <br /> and <br /> <br />WHEREAS, the Cabarrus County Board of Commissioners has solicited and <br /> received citizen input regarding the provision of needed <br /> assistance to the industrial proposals; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CABARRUS COUNTY BOARD OF COMMISSIONERS: <br /> <br />That Cabarrus County will substantially comply with all Federal, State, <br />and Local laws, rules, regulations, and ordinances applicable to the <br />project. <br /> <br />That James W. Lentz, Chm~rman, and successors so titled, is hereby <br />authorized to develop, execute, and file an application on behalf of <br />Cabarrus County to appropriate Federal and State agencies to secure funds <br />for economic development assistance. <br /> <br />That Charles D. McGinnis, County Manager, and successors so titled, is <br />hereby authorized and directed to furnish such information as the appropriate <br />governmental agencies may request in connection with such applications for <br />the project; to make the assurances and certification as contained herein <br />above; to administer the Block Grant, and to execute such other documents <br />as may be required in connection with the administration and completion of <br />the project. <br /> <br />That this Resolution shall take effect immediately upon its adoption. <br /> <br />Adopted this the 29th day of May, 1984, at Concord, North Carolina, by <br />affirmative vote of the Cabarrus County Board of Commissioners upon a motion <br />by Commissioner J~ Harold Nash and seconded by Commissioner James W. Lentz. <br /> <br />/s/ Frankie F. Small <br /> <br />Clerk to the Board <br /> <br />/s/ James W. Lentz <br /> <br />Chairman <br /> <br />PROMISSORY NOTE <br /> <br />$750,000.00 Concord, N.C. <br /> 19 <br /> <br /> FOR VALUE RECEIVED the undersigned, jointly and severally, promise <br />to pay to CABARRUS COUNTY, the principal sum of SEVEN HUNDRED FIFTY <br />THOUSAND AND NO/100 DOLLARS ($750,000.00), with interest as set out below <br />at the office of Cabarrus County, Cabarrus County Courthouse, Concord, <br />North Carolina, or at such other place as the legal holder hereof may <br />designate in writing. It is understood and agreed that additional amounts <br />may be advanced to the holder hereof as provided in the instruments, if <br />any, securing this note and such advances will be added to the principal of <br />this note and will accrue interest at the above specified rate of interest <br />from the date of advance until paid. The principal and interest shall <br />be due and payable as follows: <br /> <br />This note shall bear interest at the rate of forty percent (40%) <br />of the prime rate of interest charged from time to time by First <br />Union National Bank, Charlotte, North Carolina. The prime rate <br />shall be determined on the last business day of each month and <br />the interest for the following month shall be computed at said rate. <br />For the first two years of this note no payments of interest or <br />principal shall be due, but the interest, computed monthly, shall <br /> <br /> <br />