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<br />following action in connection with the proposed issuance and
<br />sale of the Authority's Industrial Revenue Bonds (Marks & Marks/
<br />Kettering Industries, Inc. Project), in the aggregate principal
<br />amount of $1,200,000:
<br />
<br />(1) authorize the borrowing under and the issuance and performance
<br /> of the Authority's Industrial Revenue Bonds (Marks & Marks/
<br /> Kettering Industries, Inc. Project) in the aggregate principal
<br /> amount of $1,200,000 and direct the execution and delivery of
<br /> said Bonds;
<br />(2) approve and authorize the execution, delivery and performance
<br /> of the Trust Indenture dateed as of August 1, 1985, (the
<br /> "Trust Indenture"), from the Authority to First Union National
<br /> Bank, as Trustee (the "Trustee") providing for the sale of the
<br /> Bonds;
<br />(3) approve and authorize the execution, delivery and performance
<br /> of the Loan Agreement, dated as of August 1, 1985,~ between
<br /> the Authority and Marks & Marks, (the "Partnership") with
<br /> the form of the Partnership's Promissory Note dated as of
<br /> August 1, 1985 (the "Note") attached as Exhibit "A" thereto;
<br />(4) approve the form of the Note and authorize the endorsement
<br /> thereof without recourse to the order of and the pledge thereof
<br /> to the Trustee;
<br />(5) approve and authorize the execution, delivery and performance
<br /> of the Security Agreement, dated as of August 1, 1985, between
<br /> the Authority and the Company.
<br />(6) approve the form of the Deed of Trust from the Company to John M.
<br /> Soldati, as trustee for the benefit of the Authority, dated as
<br /> of August 1, 1985;
<br />(7) approve the form of Lease Agreement dated as of August 1,
<br /> 1985 between the Partnership and Kettering Industries,
<br /> Inc. (the "Company");
<br />(8) approve the form of Assignment of Lease dated as of August 1,
<br /> 1985 between the Authority, the Partnership and the Company.
<br />(9) approve the form of the Guaranty Agreement dated as of August 1,1985 between the Company and the Trustee;
<br />
<br /> (b) The Board of Commissioners for the County of Cabarrus will
<br />review the action taken by the Board of Commissioners of the Authority
<br />in connection with the issuance and sale of the Bonds and will make
<br />such other examination and investigation as it deems necessary and
<br />relevant as the basis for the approval set forth herein.
<br />
<br /> Section 2. Pursuant to and in satisfaction of the requirements of
<br />Section 159C-4(d) of the General Statutes of North Carolina, the Board
<br />of Commissioners for the County of Cabarrus hereby approves the issuance
<br />by the Authority of the Authority's Industrial Revenue Bonds (Marks &
<br />Marks/Kettering Industries, Inc. Project) in the aggregate principal
<br />amount of $1,200,000. ,
<br />
<br /> Section 3. This resolution shall take effect immediately upon its
<br />passage.
<br />
<br /> Commissioner Payne moved the passage of the foregoing resolution,
<br />seconded by Commissioner Upright, and the resolution was passed by the
<br />following vote:
<br />
<br /> Ayes: Commissioners Payne, Upright, Hamby, and Barnhardt, and
<br /> Chairman Lentz
<br /> Noes: None
<br />
<br /> Mr. Fletcher L. Hartsell, Jr., County Attorney, reported that he had
<br />received a negotiated offer of $25,000.00 for a tract of County property
<br />located on McCachern Boulevard adjacent to the Vision Cable office. He
<br />noted that this was the amount of the appraisal for the property by Mr. Pleas
<br />Carter. Mr. Hartsell recommended that the sale of this property be handled
<br />in the same manner as the sale of the tract of land located on the opposite
<br />side of McCachern Boulevard and that the offer be advertised and subject to
<br />upset bids.
<br /> UPON MOTION of Commissioner Upright, seconded by Commissioner Hamby
<br />and unanimously carried, the Board authorized the County Attorney to
<br />proceed with the disposition of the County property located adjacent to
<br />the Vision Cable Office on McCachern Boulevard and to advertise as needed
<br />and as provided for by law.
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