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123 <br /> <br /> BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY OF <br />CABARRUS: <br /> <br /> 1. The refinancing of the project, and the refunding and <br />redemption of the Prior Bonds by the issuance of bonds in the amount <br />of $1,000,000 is hereby approved. <br /> 2. Messrs. Hunton & Williams, Raleigh, North Carolina, shall <br />act as Bond Counsel in connection with the issuance of the bonds. <br /> <br /> Commissioner Hamby' moved the passage of the foregoing resolution and <br />Commissioner Chairman Carpenter seconded the motion, and the resolution was <br />passed by the following vote: <br /> Ayes: Commissioners Hamby, Barnhart and Payne and Chairman Carpenter <br /> Nays: None <br /> Not voting: None <br /> <br /> Commissioner Hamby introduced the following resolution, the title of which <br />was read: <br /> <br />APPROVAL OF THE REFINANCING OF A POLLUTION CONTROL <br />PROJECT FOR PHILIP MORRIS COMPANIES INC. BY THE ISSUANCE <br />OF POLLUTION CONTROL REVENUE REFUNDING BONDS IN A <br />PRINCIPAL AMOUNT OF $5,000,000 <br /> <br /> WHEREAS, on December 10, 1981, The Cabarrus County Industrial <br />Facilities and Pollution Control Financing Authority (the Authority) <br />issued its $5,000,000 original principal amount Pollution Control <br />Revenue Bond (Philip Morris Project) (the Prior Bonds) under the <br />North Carolina Industrial and Pollution Control Facilities Financing <br />Act (the Act) to finance the acquisition, construction and <br />installation of air and water pollution control and solid waste <br />disposal facilities and the installation thereon of a dust <br />collection system in Cabarrus County (the Project) for the benefit <br />of Philip Morris Incorporated, a subsidiary of Philip Morris <br />Companies Inc.; and <br /> <br /> WHEREAS, Philip Morris Companies Inc. has requested the <br />Authority and the Authority has agreed to issue its $5,000,000 <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 /> BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY OF <br />CABARRUS: <br /> 1. The refinancing of the project, and the refunding and <br /> redemption of the Prior Bonds by the issuance of bonds <br /> in the amount of $5,000,000 is hereby approved. <br /> 2. Messrs. Hunton & Williams, Raleigh, North Carolina, shall <br /> act as Bond Counsel in connection with the issuance of the <br /> bonds. <br /> <br /> Commissioner Hamby moved the passage of the foregoing resolution and <br />Commissioner Payne seconded the motion, and the resolution was passed by the <br />following vote: <br /> Ayes: Commissioners Hamby, Payne. and Barnhart and Chairman Carpenter <br /> Nays: None <br /> Not voting: None <br /> <br /> UPON MOTION of Chairman Carpenter, seconded by Commissioner Hamby with <br />Chairman Carpenter and Commissioners Hamby, Payne and Barnhart voting for, the <br />Board set a public hearing for 7:30 P.M. on Monday, December 7, 1992, relative <br />to the refinancing of the industrial revenue bonds for Philip Morris, Inc. <br /> <br /> <br />