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336 The Board of Commissioners for the County of Cabarrus met in special session in the Multi-Purpose Room at the Cabarrus County Governmental Center in Concord, North Carolina on Thursday, July 10, 1997, at 5:00 P.M. The purpose of the meeting was to consider the following items: (1) Issuance by the Cabarrus County Industrial Facilities and Pollution Control Financing Authority of its Industrial Revenue Bond in the principal amount of $1,320,000 to finance an industrial project for Fun-Tees, Inc.; (2) Appointments to the Adult Care Home Community Advisory Committee; (3) Closed Session to discuss matters relating to the location or expansion of industries or other businesses in Cabarrus County as authorized by NCGS 143-318.11(a)(4) and to receive presentations and to consider action to such in open session; and (4) Closed Session to consult with Attorney regarding pending litigation concerning Philip Morris U.S.A. as authorized by NCGS 143-318.11(a)(3). Present - Chairman: Sue B. Casper Vice-Chairman: Carolyn B. Carpenter Commissioners: Jeffrey L. Barnhart Kenneth Mills Franklin C. Niblock, Jr. Also present were Mr. Frank W. Clifton, Jr., County Manager; Mr. Fletcher L. Hartsell, Jr., County Attorney; and Mrs. Frankie F. Bonds, Clerk to the Board. Chairman Casper called the meeting to order at 5:00 P.M. Industrial Revenue Bond Commissioner Niblock then introduced the following resolution: RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF ITS INDUSTRIAL REVENUE BOND (FUN-TEES, INC. PROJECT), IN THE PRINCIPAL AMOUNT OF $1,320,000 TO FINANCE AN INDUSTRIAL PROJECT FOR FUN-TEES, INC. BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus: Section 1. The Board of Commissioners has determined and does hereby declare as follows: (a) The Board of Commissioners of The Cabarrus County Industrial Facilities and Pollution Control Financing Authority (the "Authority") met on July 8, 1997 and took the following action in connection with the proposed issuance and sale of the Authority's Industrial Revenue Bond (Fun-Tees, Inc. Project), in the principal amount of $1,320,000 (hereinafter sometimes called the "Bond"): (1) authorized the issuance of the Bond in the principal amount of $1,320,000 and directed the execution and delivery of said Bond; (2) approved and authorized the execution, delivery and performance of the Bond Purchase, Loan and Security Agreement dated as of July 1, 1997 (the "Agreement "), among the Authority, GE Capital Public Finance, Inc. (the "Lender") and Fun-Tees, Inc. (the "Borrower") providing for the sale of the Bond; (3) approved the form of the Authority's Tax Certificate to be executed and delivered by the Authority upon the closing of the sale of the Bond as provided in the Agreement; (4) approved the forms of the various other documents and instruments dated as of July 1, 1997 to be executed and delivered in connection with the issuance and sale of the Bond; Section 2. Pursuant to and in satisfaction of the requirements of Section 159C-4(d) of the General Statutes of North Carolina, the Board of Commissioners for the County of Cabarrus hereby approves the issuance by the Authority of the Authority's Industrial Revenue Bond (Fun-Tees, Inc. Project) in the principal amount of $1,320,000 and ratifies in all respects the Authority's actions taken at its meeting held on March 10, 1997 in connection with the approval in principle of said project.