BC 1986 07 07 - Laserfiche WebLink

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484 Board hold a public hearing on the Project. The Chairman then stated that notice of such public hearing had been published at least fourteen (14) days prior to the date of this meeting in a newspaper of general circulation in Cabarrus County. Thereupon, Commissioner Barnhardt moved that the Board proceed to hold a public hearing on the Project and the issuance of industrial revenue bonds of the Authority to finance the Project. The motion was seconded by Commis- sioner Upright and was unanimously adopted. At 10:00 o'clock, A.M., the Chairman announced that the Board would hear anyone who wished to be heard on the advisability of the Project and the issuance of industrial revenue bonds to finance the Project and that a representative of the Authority was present and was prepared to discuss the details concerning the Project and bond issue. The names and addresses of the persons who were present, summaries of their oral comments and copies of their written comments are set forth on Exhibit A attached hereto. After the Board had heard all persons who requested to be heard, Commissioner Barnhardt moved that the public hearing be closed. The motion was seconded by Commissioner Upright and was unanimously adopted. The Chairman then stated that pursuant to the Federal Deficit Reduction Act of 1984 (the "Act") and Executive Order 113 signed on November 8, 1984 by the Honorable James B. Hunt, Jr., Governor of the State of North Carolina, in order for industrial revenue bonds to be issued an application must be f,iled with the North Carolina Department of Commerce requesting an allocation for such bonds under the North Carolina ceiling for private activity bonds established by the Act. Thereupon, Commissioner Upright introduced the following resolution, a copy of which had been distributed to each Commissioner and the title of which was read: RESOLUTION AUTHORIZING THE APPROVAL IN PRINCIPLE OF AN INDUSTRIAL PROJECT IN CABARRUS COUNTY, NORTH CAROLINA, TO BE FINANCED FOR FIELDCREST MILLS, INC., BY THE ISSUANCE OF INDUSTRIAL REVENUE BONDS OF THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $1,000,000, AUTHORIZING AN APPLICATION TO THE NORTH CAROLINA DEPARTMENT OF COMMERCE FOR A PRIVATE ACTIVITY BOND ALLOCATION FOR SUCH PROJECT AND BONDS, AND AUTHORIZING THE APPOINTMENT OF WOMBLE CARLYLE S~2~DRIDGE AND RICE, WINSTON-SALEM, NORTH CAROLINA, AS BOND COUNSEL. BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus: Section 1. The proposed industrial project to consist of acquiring certain new machinery and equipment (the "Equipment") and installing the Equipment in the existing manufacturing facilities of the Company referred to as Plant Number 4 and located at One Lake Circle Drive and at 211 West "F" Street in the City of Kannapolis, North Carolina (the Equipment and the installation thereof hereinafter called the "Project"), all of which will be used by the Company in the manufacture of towels, bed sheets and related products, all or a portion of the cost of which is to be financed by issuance of industrial revenue bonds of the Authority in an aggregate principal amount not to exceed $1,000,000 (the "Bonds") is hereby approved in principle. Section 2. The Clerk to the Board is hereby authorized and directed to submit a certified copy of this Resolution to the North Carolina Department of Commerce as an application for an allocation for the Bonds and the Project under the North Carolina ceiling for private activity bonds established under the Act (the "Allocation"), and with respect to the Allocation, the Board of Commissioners for the County of Cabarrus hereby agrees as follows: (i) The Allocation will be used only for the Bonds and only for the Project described above;