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<br />corporation (the Company), to acquire, construct, install and equip
<br />a facility for the manufacture of self-lubricating bearings and
<br />related products in Cabarrus County (the Project) and has indicated
<br />that agreement by the execution of an Inducement Agreement between
<br />the parties dated as of July 27, 1989, and;
<br /> WHEREAS: Under G.S. 159C-7 each project must be approved by
<br />the Secretary of the Department of Economic and Community
<br />Development (formerly the Department of Commerce) and, under Chapter
<br />588 of the 1987 North Carolina Session Laws, the Federal Tax Reform
<br />Allocation Committee must allocate a sufficient amount of North
<br />Carolina's "private activity bond limit," as defined in Section 141
<br />of the Internal Revenue Code of 1986, as amended, (the Code) to the
<br />financing; and
<br /> WHEREAS: The Rules and Procedures of the North Carolina
<br />Department of Economic and Community Development require that the
<br />governing body of a county approve in principle any project to be
<br />financed under the Act; and
<br /> WHEREAS, this Board of Commissioners has today held a public
<br />hearing with respect to the advisability of the Project and the
<br />issuance of bonds therefor; and
<br /> WHEREAS: Section 147(f) of the Code requires that the Board
<br />of Commissioners approve the plan of financing for the bonds; and
<br /> WHEREAS: The County Attorney has recommended that Messrs.
<br />Hunton & Williams, Raleigh, North Carolina, be hired as bond
<br />counsel;
<br /> NOW, THEREFORE, the Board of Commissioners of Cabarrus County,
<br />meeting in regular session at Concord, North Carolina, on September
<br />18, 1989, do the following:
<br /> BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY
<br />OF CABARRUS:
<br /> 1. The proposed "industrial project" consisting of the
<br />acquiring, constructing, installing and equipping of a manufacturing
<br />facility in Cabarrus County to be owned and operated by the Company
<br />and the issuance of bonds in an amount not to exceed $6,000,000 are
<br />hereby approved in principle.
<br /> 2. The Board of Commissioners hereby requests the Federal Tax
<br />Reform Allocation Committee to allocate up to $6,000,000 of North
<br />Carolina's 1988 "private activity bond limit," as defined above for
<br />the financing of the Project.
<br /> 3. The Board of Commissioners hereby approves the plan of
<br />financing as required by Section 147(f) of the Code.
<br /> 4. Messrs. Hunton & Williams, Raleigh, North Carolina, shall
<br />act as Bond Counsel in connection with the issuance of the bonds.
<br /> Commissioner Hamby moved the passage of the foregoing
<br />resolution and Commissioner Simmons seconded the motion, and the
<br />resolution was passed by the following vote:
<br /> Ayes: Commissioners Hamby, Lentz, Melvin, Moss, and Simmons
<br /> Nays: None
<br /> Not Voting: None
<br />
<br /> Dr. William F. Pilkington, Health Director, reviewed the recently ratified
<br />Senate Bill 111, An Act to Improve the Management of Solid Waste, effective
<br />October 1, 1989. Key items in the legislation included a time schedule for the
<br />initiation of a recyclable materials program, development of a comprehensive
<br />county solid waste management plan, and the provision of at least one site by
<br />the County for scrap tire disposal.
<br /> Mr. Edwin H. Ferguson, Jr., Attorney representing a group of concerned
<br />citizens and organizations, spoke in opposition to the present plan of extending
<br />North Carolina 136 and depositing the traffic at the intersection of Old Airport
<br />Road and Union Street, South. He stated the current plan would affect a major
<br />portion of the front parking lot of Center United Methodist Church, the child
<br />care center and the existing convenience store.
<br /> Mr. Wallace Hinnant, resident of Wimbledon Court in Concord, also spoke
<br />against the proposed extension of North Carolina 136 to the intersection of Old
<br />Airport Road and Union Street, South. He stated in his opinion this was an
<br />inappropriate use of funds and asked that the Board and the North Carolina
<br />Department of Transportation review the project.
<br /> The Board agreed to meet with Department of Transportation officials,
<br />engineering consultants, Mr. Ferguson, and Mr. Hinnant at 4:00 P.M. on Monday,
<br />October 2, 1989, to review the extension of North Carolina 136.
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