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596 A. The Board of Commissioners of The Cabarrus County Industrial Facilities and Pollution Control Financing Authority (the "Authority") met on June 18, 1984 and took the following action in connection with the proposed issuance and sale of the Authority's Industrial Revenue Bonds (NC Plastics, Inc. Project) in the aggregate principal amount of $3,643,000; (1) authorized'the borrowing under and the issuance and performance of the Authority's Industrial Revenue Bonds (NC Plastics, Inc. Project) in' the aggregate principal amount of $3,643,000 and directed the execution and delivery of said Bonds; (2) approved and authorized the execution, delivery and performance of (a) the Bond Purchase Agreement among the Authority, Southern National Bank of North Carolina ("Southern") and NC Plastics, Inc. (the "Company") with the forms of Series A, B and C Bonds attached thereto as Exhibits A, B and C; (b) the Loan Agreement between the Authority and the Company, with the forms of the Company's Notes attached thereto as Exhibits A, B and C; (c) the Bond Purchase Agreement among the Authority, The Concord National Bank ("Concord") and the Company with the form of Series D Bond attached thereto as Exhibit A; (d) the Loan Agreement between the Authority and the Company, with form of the Company's Series D Note attached thereto as Exhibit A; (e) the Security Agreements between the Company and the Authority; (f) the Assignment between the Authority and Southern and consented to by the Company; and (g) the Assignment between the Authority and Concord and consented to by the Company; (3)approved the forms of the Notes and authorized the endorsement thereof without recourse to the order of and the pledge thereof to Southern and Concord; and (4) approved the form of (a) the Southern Company Guaranty Agreement between the Company and Southern; (b) the Deed of Trust from the Company to James R. Bryant, III, Trusteee for the Authority; (c) the Corporate Guaranty Agreement between Rlastics Manufacturing, Inc., a North Carolina corporation (the "Corporate Guarantor"), and Southern; (d) the Guaranty Security Agreement between the Corporate Guarantor and Southern; (e) the Guaranty Deed of Trust from the Corporate Guarantor to James R. Bryant, III, as Trustee for Southern; (f) the Individual Guaranty Agreement between Kenneth R. Barbee, Steven M. Miller, Joseph F. O'Connell, Anthony J. Spuria, Constantine J. Stathis, Kenneth J. Wilson, Edward J. Heavner, James R~ Wallace and John W. Shealy, Jr. (the "Individual Guarantors") and Southern; (g) the Company Guaranty Agreement between the Company and Concord; and (h) the Individual Guaranty Agreement between the Individual Guarantors and Concord. B. The Board of Commissioners for the County of Cabarrus has reviewed the action taken by the Board of Commissioners of the Authority in connection with the issuance and sale of the Bonds and has made such other examination and investigation as it deems necessary and relevant as the basis for the approval set forth herein. Section 2. Pursuant to and in satisfaction of the requirements of Section 159C-4(d) of the General Statutes of North Carolina, the Board of Commissioners for the County of Cabarrus hereby approves the issuance by the Authority of the Authority's Industrial Revenue Bonds, Series A, B, C and D (NC Plastics, Inc. Project) in the aggregate principal amount of $3,643,000. Section 3. The Clerk to the Board of Commissioners for the County of Cabarrus, North Carolina, is directed to file a certified copy of this resolution with the Department of Commerce. Section 4. This resolution shall take effect upon its passage. Commissioner Nash moved the passage of the foregoing Resolution and Commissioner Payne seconded the motion, and the Resolution was passed by the following vote: Ayes: Commissioners Lentz, Barnhardt, Nash, Milloway, and Payne. Noes: Commissioners None