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<br />
<br />Revenue Bonds (Kindley Yarns, Inc. Project), in the aggregate
<br />principal amount of $3,500,000 (hereinafter sometimes called the
<br />"Bonds"):
<br />
<br />(1) authorized the borrowing under and the issuance and performance
<br />of the Issuer's Industrial Revenue Bonds (Kindley Yarns, Inc.
<br />Project) in the aggregate principal amount of $3,500,000 and
<br />directed the execution and delivery of said Bonds;
<br />
<br />(2) approved and authorized the execution, delivery and performance of
<br />the Trust Indenture dated as of May 1, 1989 (the "Trust Indenture"), from
<br />the Issuer to Mellon Bank, N.A. as Trustee (the "Trustee") providing for
<br />the sale of the Bonds;
<br />
<br />(3) approved and authorized the execution, delivery and performance of
<br />the Loan Agreement, dated as of May 1, 1989, between the Issuer and
<br />Kindley Yarns, Inc., (the "Company") with the form of the Company's
<br />Promissory Note dated as of May 1, 1989 (the "Note") attached as Exhibit
<br />"A" thereto;
<br />
<br />(4) approved the form of the Note and authorized the endorsement thereof
<br />without recourse to the order of and the pledge thereof to the Trustee;
<br />
<br />(5) approved and authorized the execution, delivery and performance of
<br />the Placement and Remarketing Agreement, dated as of May 1, 1989, among
<br />the Issuer, the Company and NCNB National Bank of North Carolina, as
<br />Remarketing Agent (the "Remarketing Agent");
<br />
<br />(6) approved and authorized the execution, delivery and performance of
<br />the Letter Agreement, dated as of May 1, 1989, among the Issuer, the
<br />Company, the Trustee and Mellon Bank, N.A., as Securities Depositary.
<br />
<br />(7) approved and authorized the execution, delivery and performance of
<br />the Interest Services Agreement, dated as of May 1, 1989, among the
<br />Issuer, the Company and the Remarketing Agent;
<br />
<br />(8) approved the form of each of the Letter of Credit Reimbursement
<br />Agreement (the "Reimbursement Agreement") dated as of May 1, 1989, the
<br />Security Agreement dated as of May 1, 1989 and the Letter of Credit issued
<br />under the Reimbursement Agreement;
<br />
<br />(9) approved and authorized the execution, delivery and performance of
<br />various other documents and instruments, dated as of May 1, 1989, and
<br />approved and ratified the execution of the Wage Agreement, dated as of
<br />March 13, 1989, by the Issuer in connection with the issuance and sale of
<br />the Bonds;
<br />
<br />(10) approved the forms of the various other documents and instruments
<br />dated as of May 1, 1989 to be executed and delivered in connection with
<br />the issuance and sale of the Bonds;
<br />
<br />(b) The Board of Commissioners for the County of Cabarrus has reviewed
<br />the action taken by the Board of Commissioners of the Issuer in
<br />connection with the issuance and sale of the Bonds and has made such
<br />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 Section
<br />159C-4(d) of the General Statutes of North Carolina, the Board of Commissioners
<br />for the County of Cabarrus, hereby approves the issuance by the Issuer of the
<br />Issuer's Industrial Revenue Bonds (Kindley Yarns, Inc. Project) in the aggregate
<br />amount of $3,500,000.
<br />
<br />Section 3. This resolution shall take effect immediately upon its passage.
<br />
<br /> Commissioner Hamby moved the passage of the foregoing resolution and the
<br />resolution was passed by the following vote:
<br />
<br />Ayes: Commissioners Lentz, Hamby, Melvin, Moss, and Simmons
<br />Noes: None
<br />
<br />
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