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32 <br /> <br />RESOLUTION APPROVING THE ISSUANCE OF NOT EXCEEDING <br />$2,200,000 AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DE- <br />VELOPMENT REVENUE BONDS OF THE CABARRUS COUNTY INDUS- <br />TRIAL FACILITIES AND POLLUTION CONTROL FINANCING AU- <br />THORITY TO FINANCE AN INDUSTRIAL PROJECT FOR S&D <br />COFFEE, INC. <br /> <br /> WHEREAS, the Board of Commissioners for the County of Cabarrus (the <br />"Board") has created a political subdivision and body corporate and <br />politic of the State of North Carolina known as "The Cabarrus County <br />Industrial Facilities and Pollution Control Financing Authority" (the <br />"Authority"); and <br /> <br /> WHEREAS, the Authority is authorized under the Industrial and <br />Pollution Control Facilities Financing Act, Chapter 159C of the General <br />Statutes of North Carolina, as amended (the "Act"), to issue industrial <br />development revenue bonds for the purpose, among others, of paying all <br />or any part of the cost of any industrial or pollution control project <br />for industry; to acquire, construct, improve and equip any such project; <br />and to make and execute financing agreements, security documents and <br />other contracts and instruments necessary or convenient in the exercise <br />of such powers; and <br /> <br /> WHEREAS, the Authority has determined to issue not exceeding <br />$2,200,000 aggregate principal amount of its industrial development <br />revenue bonds to pay all or a portion of the costs of the construction <br />of an addition to an existing production, warehousing and administrative <br />facility, located at 300 U.S. Highway 29 South, Cabarrus County, North <br />Carolina, including installation of equipment for the production and <br />distribution of coffee and tea and the distribution of soft drink syrup <br />and related products (the "Industrial Project"), which Industrial Project <br />is to be operated by S&D Coffee, Inc., a North Carolina corporation (the <br />"Company"); and <br /> <br /> WHEREAS, the Authority intends to file an application for approval of <br />the Industrial Project with the Secretary of the Department of Commerce <br />(the "Department"), as required by the Act; and <br /> <br /> WHEREAS, the Department has, by regulation, provided that no <br />application for approval of a proposed industrial project by the Department <br />will be officially received until the governing body of the county from <br />which the application is made has, by resolution after having held a <br />public hearing, approved the issue of industrial development revenue <br />bonds and approved the proposed industrial project and a certified copy <br />of such resolution has been provided to the Department; and <br /> <br /> WHEREAS, the Board, pursuant to public notice duly given, has held <br />a public hearing on the proposed industrial development revenue bond <br />issue and Industrial Project and has considered the comments of persons <br />who requested to be heard; and <br /> <br /> WHEREAS, the Board desires to approve the issuance of industrial <br />development revenue bonds and the Industrial Project; <br /> <br />NOW, THEREFORE, <br /> <br />BE IT RESOLVED by the Board as follows: <br /> <br /> (1) The issuance of not exceeding $2,200,000 aggregate principal <br />amount of industrial development revenue bonds of the Authority to finance <br />the Industrial Project is hereby approved. <br /> <br /> (2) The Industrial Project is hereby approved. <br /> <br /> (3) The Clerk to the Board is hereby authorized and directed to <br />provide a certified copy of this resolution to the Department. <br /> <br /> (4) This resolution shall take effect immediately upon its passage. <br /> <br /> <br />