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31 The Board of Commissioners for the County of Cabarrus met in regular session at the County Courthouse in Concord, North Carolina, on Monday, August 20, 1984, at 7:00 P.M. Present - Chairman: James W. Lentz Commissioners: Archie Y. Bernhardt Marcelle Milloway J. Harold Nash Kenneth F. Payne The invocation was given by Dr. William G. Guthrie of the Kerr Street Baptist Church. UPON MOTION of Commissioner Milloway, seconded by Commissioner Payne and unanimously carried, the minutes of August 6, 1984, were approved as written. UPON MOTION of Chairman Lentz, seconded by Commissioner Nash with Chairman Lentz and Commissioners Nash and Payne voting for and Commissioners Barnhardt and Milloway voting against, the Board earmarked $200.00 of the Board Directed Expense Account to be used to send flowers for the death of a County employee and/or spouse. At 7:05 P.M., the Chairman of the Board of Commissioners for the County of Cabarrus (the "Board") announced that the Board would proceed to hold a public hearing and would hear anyone who wished to be heard on the proposed issuance by The Cabarrus County Industrial Facilities and Pollution Control Financing Authority (the "Authority") of not exceeding $2,200,000 aggregate principal amount of its industrial development revenue bonds to finance the construction of an addition to an existing production, warehousing and administrative facility located at 300 U.S. Highway 29 South, Cabarrus County, North Carolina, including installation of equipment for the production and distribution of.coffee and tea and the distribution of soft drink syrups and related products (the'%ndustrial Project"). The Industrial Project is to be operated by S&D Coffee, Inc., a North Carolina corporation (the "Company"). The Chairman stated that the Authority had adopted a resolution expressing its intention to issue industrial development revenue bonds and authorizing the execution and delivery of a memorandum of agreement pertaining to the financing of the Industrial Project for the Company. The Chairman then submitted copies of the resolution and the memorandum of agreement to the Board. The Clerk to the Board presented an affidavit of an officer of The Concord Tribune, Inc., showing publication in The Concord Tribune, Inc. on August 3, 1984, a date at least 14 days prior hereto, of notice of the public hearing. The Chairman directed that the affidavit of publication be attached to this extract of minutes as Exhibit A. The Chairman requested that the Clerk to the Board inquire to determine whether there were any other persons present who wished to speak at the public hearing. The Clerk to the Board made such inquiry and reported that no other persons wished to speak at the public hearing. The names and addresses of the persons who were present and who offered comments on the proposed issuance of the industrial development revenue bonds to finance the Industrial Project and a summary of their testimony is appended as Exhibit B. At 7:25 P.M. (at least 15 minutes after the time shown on page 1 as the time of the start of the public hearing), the Chairman requested that the Clerk to the Board inquire again to determine whether there were any other persons present who wished to speak at the public hearing. The Clerk to the Board made such inquiry and reported that there were no other persons who wished to speak at the public hearing. After the Board had heard all persons who had requested to be heard, Commissioner Nash moved that the public hearing be closed. The motion was seconded by Commissioner Milloway and was unanimously adopted. The Chairman stated that under the Internal Revenue Code of 1954, as amended, the Board must approve the issuance of the Authority's industrial development revenue bonds if the interest thereon is to be exempt from federal income tax. Commissioner Milloway then introduced the following resolution, a copy of which was distributed to each Commissioner: