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27 <br /> <br />the provisions of Section 103 of the Internal Revenue Code of 1986, <br />as amended, or any successor thereto; and <br /> WHEREAS, the Authority intend~ to file an application for <br />approval of the Project with the Secretary of the Department of <br />Commerce (the "DOC"), as required by the Act; and <br /> WHEREAS, the DOC has, by regulation, 'provided that no <br />application for approval of a project will be officially received <br />until the governing body of the County from which the application is <br />made has, by resolution after having, held a public hearing, approved <br />the issue of revenue bonds and approved in principle the proposed <br />project and a certified copy of such resolution has been provided to <br />the DOC; and <br /> WHEREAS, the Project will be located wholly within Cabarrus <br />County; and <br /> WHEREAS, the Board of County Commissioners, pursuant to public <br />notice duly given, has held a public hearing on the proposed <br />qualified small issue industrial revenue bond issue and Project and <br />has considered the comments of persons who requested to be heard; <br />and <br /> WHEREAS, the Board of County Commissioners desires to approve <br />the issuance of the qualified small issue industrial revenue bonds <br />and approve the Project in principle; <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of County <br />Commissioners of the County of Cabarrus as follows: <br /> (1) The issuance of qualified small issue, industrial <br /> revenue bonds by the Authority in an aggregate principal <br /> amount not exceeding $9,000,000 to finance the Project is <br /> hereby approved. <br /> (2) The Project is hereby'approved in principle. <br /> (3) The Clerk of the Board of Commissioners is hereby <br /> authorized and directed to provide a certified copy of this <br /> resolution to the DOC. <br /> (4) The Board of County Commissioners hereby requests that <br /> the State of North Carolina, pursuant to Chapter 588 of the <br /> 1987 North Carolina General Session Laws, or any other <br /> executive order or legislation relating to volume limitations <br /> on tax-exempt financing, allocate to the above-described <br /> qualified small issue industrial revenue bonds and Project <br /> $9,000,000 of "unified volume limitation" (as described in <br /> said Session Laws or in any such other executive order or <br /> legislation), and acknowledges that any such allocation shall <br /> be only for purposes of said Project and. that any portion of <br /> such allocation not utilized in connection with such bonds and <br /> Project or which terminates or expires as provided in said <br /> Session Laws will, without further action, revert to the State <br /> of North Carolina, and there iA hereby ',approved the <br /> application by the Authority for such an allocation. ~ <br /> (5) This resolution shall take effect tmmediateIy upon its <br /> passage. . <br /> <br /> Chairman Barnhart moved the passage of the foregoing resolution and <br />Commissioner Niblock seconded the motion, and the resolution was passed by the <br />following vote: <br /> <br /> AYES: Chairman Barnhart and Commissioners Fennel, Casper, Mills and <br /> Ntblock <br /> NAYS: None ....... <br /> <br />School Bond Referendum Introduction of Bond Order and Scheduling.of Public <br /> <br />Hearing <br /> <br /> The Clerk to the Board of Commissioners presented certified copies of <br />resolutions which had been received from The Cabarrus County Board of Education <br />and The Kannapolis City Board of Education. <br /> <br /> Thereupon, Commissioner Niblock introduced the following order authorizing <br />bonds which was read: <br /> <br /> <br />