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157 <br /> <br /> Commissioner Upright moved that the Board ratify the publication <br />of the Notice and designate this meeting as a public hearing on the <br />revenue bond issue and the Project. The motion was seconded by Commissioner <br />Payne and was unanimously adopted. <br /> At 10:00 o'clock, A.M., the Chairman announced that the Board would <br />hear anyone who wished to be heard on the advisability of issuing the <br />revenue bonds and the Project. <br /> The Chairman recessed the public hearing at 10:04 A.M. He reconvened <br />the public hearing at 11:23 A.M. <br /> The names and addresses of the persons who were present and summaries <br />of their comments are as follows: <br /> <br /> Mr. Mark Rosenthal, attorney representing Marks & Marks/Kettering <br />Industries, Inc., reviewed the plans for the acquisition and rehabilitation <br />of a facility in Concord for the manufacture of corrugated point of <br />purchase displays by Marks & Marks/Kettering Industries, Inc. <br /> <br /> After the Board had heard all persons who requested to be heard, <br />Commissioner Upright moved that the public hearing be closed. The motion <br />was seconded by Commissioner Hamby and was unanimously adopted. <br /> Commissioner Upright introduced the following resolution which was <br />read at length: <br /> <br />Resolution No. <br /> <br />RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY <br />INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHOR- <br />ITY OF ITS $1,200,000 INDUSTRIAL REVENUE BOND (MARKS & <br />MARKS/KETTERING INDUSTRIES, INC. PROJECT) TO FINANCE AN <br />INDUSTRIAL AND MANUFACTURING PROJECT IN CABARRUS COUNTY, <br />NORTH CAROLINA FOR MARKS & MARKS AND APPROVING SUCH PROJECT <br />IN PRINCIPLE. <br /> <br /> WHEREAS, the Board of County Commissioners has created a political <br />subdivision and body corporate and politic of the State of North <br />Carolina known as "The Cabarrus County Industrial Facilities and Pollution <br />Control Financing Authority" (the "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 (the "Act"), to issue revenue bonds for the <br />purpose, among others, of paying all or any part of the cost of any <br />industrial or pollution control project for industry; to acquire, construct, <br />improve and equip any such project; and to make and execute financing <br />agreements, security documents and other contracts and instruments necessary <br />or convenient in the exerqise of such powers; and <br /> <br /> WHEREAS, the Authority has determined to issue its revenue bonds to <br />pay all or a portion of the costs of the acquisition, construction and <br />installation of an industrial facility in Cabarrus County for the manufacture <br />of corrugated point of purchase displays for consumer goods and related <br />products (the "Project"), to be operated by Kettering Industries, Inc.; <br />and <br /> <br /> WHEREAS, the Authority intends to file an application for approval <br />of the Project with the Secretary of the Department of Commerce (the <br />"Department"), as required by the Act; and <br /> <br /> WHEREAS, the Department has, by regulation, provided that no <br />application for approval of a project will be officially received until <br />the governing body of the County from which the application is made has, <br />by resolution after having held a public hearing, approved the issue of <br />revenue bonds and approved in principle the proposed project and a certified <br />copy of such resolution has been provided to the Department; and <br /> <br /> WHEREAS, the Board of County Commissioners, pursuant to public <br />notice duly given, has held a public hearing on the proposed revenue <br />bond issue and Project and has considered the comments of persons who <br />requested to be heard; and <br /> <br /> <br />