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122 <br /> <br />Executive Session <br /> <br /> UPON MOTION of Chairman Carpenter, seconded by Commissioner Payne with <br />Chairman Carpenter and Commissioners Payne, Hamby and Barnhart voting for, the <br />Board moved to go into executive session to discuss property acquisition and <br />matters relating to industrial recruitment. The Board invited Commissioner-Elect <br />Arne Fennel, Mr. Paul Watson of HDR Engineering, Inc., and Mr. Sonny Helms to <br />join the Board in the executive session. <br /> <br /> Chairman Carpenter recessed the executive session at 7:40 P.M. and <br />reconvened the regular meeting of the Board. <br /> <br />Public Hearing - Road Name Change - 7;30 P.M. <br /> <br /> At 7:40 P.M., Chairman Carpenter stated that this was the date and time <br />scheduled for a public hearing to consider the following road name changes: <br />Unnamed Road to Basinger Lane, Unnamed Road to Denny Rumple Road, and Maggard <br />Court to Straw Court. She asked if anyone were present who wished to speak <br />either for or against these road name changes. There was no one present to speak <br />regarding any of these road name changes, and Chairman Carpenter closed the <br />public hearing. <br /> <br /> UPON MOTION of Commissioner Barnhart, seconded by Commissioner Hamby with <br />Commissioners Barnhart, Hamby and Payne and Chairman Carpenter voting for, the <br />Board approved Petition 92-93/01 to name an Unnamed Road as Basinger Lane. <br /> <br /> UPON MOTION of Commissioner Hamby, seconded by Chairman Carpenter with <br />Commissioners Hamby, Payne and Barnhart and Chairman Carpenter voting for, the <br />Board approved Petition 92-93/02 to name an Unnamed Road as Denny Rumple Road. <br /> <br /> UPON MOTION of Commissioner Barnhart, seconded by Commissionef Hamby with <br />Commissioners Barnhart, Hamby and Payne and Chairman Carpenter voting for, the <br />Board approved Petition 92-93/03 to change the road name from Maggard Court to <br />Straw Court. <br /> <br />Refinancing of Industrial Revenue Bonds for Philip Morris, Inc. <br /> <br /> Commissioner Hamby introduced the following resolution, the title of which <br />was read: <br /> <br />APPROVAL OF THE REFINANCING OF AN INDUSTRIAL <br />DEVELOPMENT PROJECT FOR PHILIP MORRIS COMPANIES INC. BY <br />THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE <br />REFUNDING BONDS IN A PRINCIPAL AMOUNT OF $1,000,000 <br /> <br /> WHEREAS, on May 18, 1982, The Cabarrus County Industrial <br />Facilities and Pollution Control Financing Authority (the Authority) <br />issued its $1,000,000 original principal amount Industrial <br />Development Revenue Bond (Philip Morris Project) (the Prior Bonds) <br />under the North Carolina Industrial and Pollution Control Facilities <br />Financing Act (the Act) to finance the acquisition, construction and <br />installation of a portion of its manufacturing facility in Cabarrus <br />County (the Project) for the benefit of Philip Morris Incorporated, <br />a subsidiary of Philip Morris Companies Inc.; and <br /> <br /> WHEREAS, Philip Morris Companies Inc. has requested the <br />Authority and the Authority has agreed to issue its $1,000,000 <br />Pollution Control Revenue Refunding Bonds (Philip Morris Companies <br />Inc. Project), Series 1992 (the Bonds) for the purpose of providing <br />amounts necessary to refund and redeem the Prior Bonds; and <br /> <br /> WHEREAS, the Act requires the County to approve the issuance <br />of all bonds by the Authority; <br /> <br /> NOW, THEREFORE, the Board of Commissioners of Cabarrus County, <br />meeting in regular session at Concord, North Carolina, on November <br />16, 1992, do the following: <br /> <br /> <br />