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26 <br /> <br /> Section 2. Pursuant to and in satisfaction of the requirements of <br />gection 159C-4(d) of the General Statutes of North Carolina, the Board of <br />Commissioners for the County of Cabarrus hereby approves the issuance by the <br />Authority of the Authority's Industrial Revenue Bonds (Orchard Electronics, <br />Inc. Project) in the aggregate principal amount of $4,000,000. <br /> <br /> Section 3. This resolution shall take effect immediately upon its <br />passage. <br /> <br /> Commissioner Nash moved the passage of the foregoing resolution, <br />Commissioner Barnhardt seconded the motion, and the resolution was passed <br />by the following vote: <br /> <br />Ayes: Commissioners Nash, Barnhardt, Payne, Milloway and Lentz. <br />Noes: None <br /> <br /> Mr. Boger announced that S & D Coffee, Inc. and (the "Company") has <br />entered into a Memorandum of Agreement with the Cabarrus County Industrial <br />Facilities and Pollution Control Financing Authority (the "Authority") respecting <br />a proposed expansion of the Company's existing facility in Cabarrus County <br />and that this Board should ratify and approve the published notice of public <br />hearing concerning that project and call the public hearing for that project. <br />Commissioner Milloway introduced the following resolution, copies of which <br />were distributed to each Commissioner and the title of which was read: <br /> <br />RESOLUTION RATIFYING PUBLIC NOTICE AND CALLING PUBLIC HEARING <br /> <br /> WHEREAS, The Cabarrus County Industrial Facilities and Pollution Control <br />Financing Authority (the "Authority") intends to file its application with <br />the Secretary of the North Carolina Department of Commerce for approval of <br />an industrial project in Cabarrus County for S&D Coffee, Inc. (the "Company"); <br />and <br /> <br /> WHEREAS, regulations of the North Carolina Department of Commerce require <br />that the Board of Commissioners hold a public hearing on the advisability <br />of proposed industrial projects and the issuance of bonds to finance such <br />projects; and <br /> <br /> WHWEREAS, regulations of the North Carolina Department of Commerce also <br />require that public notice of the public hearing be given by the Board of <br />Commissioners by publication at least 14 days prior to the public hearing. <br /> <br />NOW, THEREFORE, BE IT RESOLVED as follows: <br /> <br /> 1. That the Board of Commissioners for the County of Cabarrus hold a <br />public hearing on the advisability of the proposed project and the issuance <br />of bonds to finance that project. <br /> <br /> 2. Publication in a newspaper of general circulation in Cabarrus County <br />of a notice of public hearing in substantially the form attached hereto is <br />hereby ratified and approved in all respects. <br /> <br />3. This resolution shall take effect immediate upon its passage. <br /> <br /> Thereupon, on motion of Commissioner Milloway, seconded by Commissioner <br />Payne, the foregoing resolution was passed by the following vote: <br /> <br /> Ayes: Commissioners Nash, Barnhardt, Payne, Milloway and Lentz <br /> Noes: None <br /> Abstaining: <br /> <br /> NOTICE OF PUBLIC HEARING AND INTENTION TO <br /> SUBMIT TO THE DEPARTMENT OF COMMERCE AN <br /> APPLICATION FOR APPROVAL OF AN INDUSTRIAL PROJECT <br /> <br /> The Cabarrus CoUnty Industrial Facilities and Pollution Control Financing <br />Authority (the "Authority!') has determined to issue its revenue bonds in the <br />principal amount of not more than $2,200,000 for the financing of all ' <br /> <br /> <br />