BC 1988 09 19 - Laserfiche WebLink

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489 At 7:00 o'clock, P.M., the Chairman announced that the Board woul~ hear anyone who wished to be heard on the advisability of issuing the revenue bonds and the Project. Charles A. James, President of the Company, gave a brief description of the proposed project. The presiding officer then recognized such persons if any, who appeared either in person or by attorney, to be heard on the question of the advisability of the proposed project or the issuance of said bonds. The Clerk of the Board of Commissioners reported that no written comment about the proposed project or the related bond issue had been received. The names and addresses of the persons who were present and summaries of their comments are as follows: Mr. John R. Boger, Jr., Attorney representing Kindley Yarns, Inc., reviewed the expansion plans for the company. After the Board had heard all persons who requested to be heard, Commissioner Hamby moved that the public hearing be closed. The motion was seconded by Commissioner Melvin and was unanimously adopted. Commissioner Hamby introduced the following resolution which was read at length: Resolution No. N/A RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF ITS $3,500,000 INDUSTRIAL REVENUE BONDS (KINDLEY YARNS, INC. PROJECT) TO FINANCE AN INDUSTRIAL AND MANUFACTURING PROJECT IN CABARRUS COUNTY, NORTH CAROLINA FOR KINDLEY YARDS, INC. AND APPROVING SUCH PROJECT IN PRINCIPLE. WHEREAS, the Board of County Commissioners has created a political subdivision and body corporate and politic of the State of North Carolina known as "The Cabarrus County Industrial Facilities and Pollution Control Financing Authority" (the "Authority"); and WHEREAS, the Authority is authorized under the Industrial and Pollution Control Facilities Financing Act, Chapter 159C of the General Statutes of North Carolina (the "Act"), to issue revenue bonds for the purpose, among others, of paying all or any part of the cost of any industrial or pollution control project for industry; to acquire, construct, improve and equip any such project; and to make and execute financing agreements, security documents and other contracts and instruments necessary or convenient in the exercise of such powers; and WHEREAS, the Authority has determined to issue its revenue bonds to pay all or a portion of the costs of the acquisition, construction and installation of an industrial facility located at 400 West Franklin Street, in the Town of Mt. Pleasant, in Cabarrus County for the manufacture of yarns and related products, (the "Project"), to be operated by Kindley Yarns, Inc., the interest on said bonds to be exempt from federal income taxation by virtue of the provisions of Section 103 of the Internal Revenue Code of 1986, as amended or any successor therefor; and WHEREAS, the Authority intends to file an application for approval of the Project with the Secretary of the Department of Commerce (the "Department"), as required by the Act; and WHEREAS, the Department has, by regulation, provided that no application for approval of a project will be officially received until the governing body of the County from which the application is made has, by resolution after having held a public hearing, approved the issue of revenue bonds and approved in principle the proposed project and a certified copy of such resolution has been provided to the Department; and WHEREAS, the Board of County Commissioners, pursuant to public notice duly given, has held a public hearing on the proposed revenue bond issue and Project and has considered the comments of persons who requested to be heard; and