BC 1984 08 06 - Laserfiche WebLink

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25 9-19-56-102 Part Time Salaries -0- 9-19-56-201 FICA -0- 9-19-56-205 Group Insurance -0- 9-19-56-210 Retirement -0- 9-19-56-230 Workmens Compensation -0- 9-19-56-610 Travel -0- 9,041.00 - 9,041.00 1,411.00 - 1,411.00 630.00 - 630.00 449.00 - 449.00 110.00 - 110.00 569.00 - 569.00 Revenue 6-19-31-123 Try Out Employment -0- 21,500.00 - 21,500.00 UPON MOTION of Commissioner Payne, seconded by Chairman Lentz with Commissioners Payne, Barnhardt, and Nash and Chairman Lentz voting for and Commissioner Milloway voting against, the Board deferred the appointment to the Cabarrus County Planning Board until the next meeting. Commissioner Nash introduced the following resolution: Resolution # RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHOR- ITY OF ITS INDUSTRIAL REVENUE BONDS (ORCHARD ELECTRONICS, INC. PROJECT), IN THE AGGREGATE PRINCIPAL AMOUNT OF $4,000,000 TO FINANCE AN INDUSTRIAL PROJECT FOR ORCHARD ELECTRONICS, INC. BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus: Section 1. The Board of Commissioners has determined and does hereby declare as follows: (a) The Board of Commissioners of The Cabarrus County Industrial Facilities and Pollution Control Financing Authority (the "Authority") met on July 16, 1984, and took the following action in connection with the proposed issuance and sale of the Authority's Industrial Revenue Bonds (Orchard Electronics, Inc. Project), in the aggregate principal amount of $4,000,000: (1) authorized the borrowing under and the issuance and performance of the Authority's Industrial Revenue Bonds (Orchard Electronics, Inc. Project) in the aggregate principal amount of $4,000,000 and directed the execution and delivery of said Bonds; (2) Approved and authorized the execution, delivery and performance of the Trust Indenture dated as of August 1, 1984 (the "Trust Indenture"), from the Authority to First Union National Bank, as Trustee (the"Trustee") providing for the sale of the Bonds; (3) approved and authorized the execution, delivery and performance of the Loan Agreement, dated as of August 1, 1984, between the Authority and Orchard Electronics, Inc. (the "Company") with the form of the Company's Promissory Note dated as of August 1, 1984 (the "Note") attached as Exhibit "A" thereto; (4) approved the form of the Note and authorized the endorsement thereof without recourse to the order of and the pledge thereof to the Trustee; (5) approved and authorized the execution, delivery and performance of the Security Agreement, dated as of August 1, 1984, between the Authority and the Company; (6) approved the form of the Deed of Trust from the Company to John Soldati, as trustee for the benefit of the Authority, dated as of August 1, 1984; and (7) approved the form of the Guaranty Agreement between SFE Technologies and the Trustee, dated as of August 1, 1984. (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.