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October 18, 2010 (Regular Meeting) Page 181 WHEREAS, under the provisions of Article 51B of Chapter 143 of the General Statutes of the State of North Carolina, as amended by Session Law 2009 -140 of the North Carolina General Assembly, the North Carolina Federal Tax Reform Allocation Committee (the "Committee ") is given the authority to determine whether the allocations of RZF Bonds are being waived and in the event of such waiver to determine reallocations of such waived allocations; WHEREAS, the North Carolina Department of Commerce ( "DOC ") has promulgated rules (the "Allocation Rule ") providing a procedure for a unit of local government to request a reallocation of RZF Bonds as provided in the Allocation Rule; and WHEREAS, the County, in order to assist said private corporation with financing a portion of the total costs of the Project, desires to request a reallocation of RZF Bond authority in the amount of $100,000,000. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board ") of the County, as follows: Section 1. The County Manager and the Finance Officer are each hereby authorized and directed to take any and all action as either the County Manager or Finance Officer deems necessary or advisable to carry out the intent of this resolution and accomplish the goal of obtaining a reallocation of RZF Bond authority in the amount of $100,000,000, including, without limitation, providing such additional information relating to the Project as may be requested in connection with the County's request for reallocation of RZF Bond authority for a portion of the Project. Section 2. In connection with the request for reallocation of RZF Bond authority, the Board makes the following findings: (a) The Board has heretofore designated the entire County as a recovery zone. (b) The obligations to be issued will be Recovery Zone Facility Bonds. (c) The Cabarrus County Industrial Facilities and Pollution Control Financing Authority will be the issuer of the RZF Bonds. (d) The portion of the Project to be financed includes the acquisition, rehabilitation, improvement and renovation of an existing facility located in Cabarrus County, North Carolina and various improvements related thereto, including, without limitation, the acquisition and installation of machinery and equipment related thereto, to be used by said private corporation in the active conduct of its telecommunication, marketing and media businesses. (e) The maximum amount of RZF Bonds to be issued will be $100,000,000. Section 3. This resolution shall take effect immediately upon its adoption. Thereupon, upon motion of Commissioner Carruth, seconded by Commissioner Poole, the foregoing resolution entitled "RESOLUTION REQUESTING REALLOCATION OF RECOVERY ZONE BOND AUTHORITY TO CABARRUS COUNTY," was adopted and passed by the following vote: AYES: Chairman White, Vice Chairman Poole and Commissioners Robert W. Carruth and Coy C. Privette NOES: None. ABSENT: Commissioner Grace Mynatt (H) APPOINTMENTS (H -1) Appointments - Cabarrus County Tourism Authority The Tourism Authority Board is submitting nominations to fill seats #10 and #11 on the Cabarrus County Tourism Authority Board of Directors. Seat #10 - (Tourism Activist) - Ray Soporowski - General Manager, Concord Mills Mall for the term ending June 30, 2011. The Board is also requesting a residency exception for Ray Soporowski. He currently resides in Charlotte.