BC 1996 02 19 - Laserfiche WebLink

Home Browse Search

26 Board of Commissioners on February 5, 1996 stating that the Board would hold a public hearing on February 19, 1996 on the proposed revenue bond issue and the Project (the "Notice"). Commissioner Fennel moved that the Board ratify the publication of the Notice and designate this meeting as a public hearing on the revenue bond issue and the Project. The motion was seconded by Commissioner Ntblock and was unanimously adopted. At 6:38 o'clock, P.M., Chairman Barnhart announced that the Board would hear anyone who wished to be heard on the advisability of issuing the revenue bonds and the Project. Mr. Hartsell, acting as a representative 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: (None) After the Board had heard all persons who requested to be heard, Commissioner Fennel moved that the public hearing be closed. The motion was seconded by Commissioner Ntblock and was unanimously adopted. Mr. Hartsell stated that under the Internal Revenue Code of 1986, as amended, the Board must approve the issuance of the Authority's qualified small issue industrial revenue bonds if the interest thereon is not to be includable in the gross income of the owners thereof for purposes of federal income taxation. loud: Chairman Barnhart introduced the following resolution which was read out Resolution No. N/A RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF NOT EXCEEDING $9,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS QUALIFIED SMALL ISSUE INDUSTRIAL REVENUE BONDS TO FINANCE AN INDUSTRIAL AND MANUFACTURING PROJECT. IN CABARRUS COUNTY, NORTH CAROLINA FOR S&D COFFEE, INC. AND APPROVING SUCH PROJECT IN PRINCIPLE. WHEREAS, the Board of Commissioners for the County of Cabarrus 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, as amended (the "Act"), to issue industrial 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 conven- ient in the exercise of such powers; and WHEREAS, the Authority has determined to issue not exceeding $9,000,000 aggregate principal amount of its qualified small issue industrial revenue bonds to pay all or a portion of the costs of the expansion of the Company's existing beverage manufacturing facility through the construction of an approximately 103,000 square foot addition to the Company's existing building, including the acquisition and installation therein of machinery and equipment for the manufacture of beverages (the "Project") to be located at 300 U.S. Highway 29 South, Concord, in Cabarrus County, to be owned and operated by S&D Coffee, Inc., a North Carolina corporation, the interest on said bonds to be excludable from gross income of the owners thereof for purposes of federal income taxation by virtue of