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143
<br />
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986,
<br />as amended, and regulations issued thereunder require approval of
<br />the issuance of the bonds by the governing body of the county after
<br />public hearing; and
<br /> WHEREAS, this Board held a public hearing with respect to the
<br />Bonds on December 7, 1992;
<br /> NOW, THEREFORE, the Board of Commissioners of Cabarrus County
<br />meeting in regular session at Concord, North Carolina, on December
<br />7, 1992, do the following:
<br /> BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF CABARRUS
<br />COUNTY:
<br /> The issuance of the Authority's Industrial Development Revenue
<br />Refunding Bonds (Philip Morris Companies Inc. Project), Series 1992
<br />in the principal amount of $1,000,000 is hereby approved as required
<br />by Section 147(f) of the Internal Revenue Code of 1986, as amended.
<br /> Commissioner Barnhart moved the passage of the foregoing
<br />resolution and Commissioner Chairman Carpenter seconded the motion,
<br />and the resolution was passed by the following vote:
<br />
<br />Yeas: Commissioners Barnhart, Casper, Fennel and Payne
<br /> and Chairman Carpenter
<br />Nays: None
<br />Not Voting: None
<br />
<br />The following resolution was introduced and the title was read:
<br />
<br />RESOLUTION APPROVING ISSUANCE OF BONDS BY THE
<br />CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION
<br />CONTROL FINANCING AUTHORITY FOR PHILIP MORRIS
<br />COMPANIES INC. IN THE AGGREGATE PRINCIPAL AMOUNT OF
<br />$5,OOO,OOO
<br />
<br /> WHEREAS, The Cabarrus County Industrial Facilities and
<br />Pollution Control Financing Authority (the Authority) has approved
<br />the issuance of its Pollution Control Revenue Refunding Bonds
<br />(Philip Morris Companies Inc. Project), Series 1992 (the Bonds) in
<br />the principal amount of $5,000,000 for the purpose of refunding the
<br />outstanding principal amount of the Authority~s $5,0000,000
<br />Pollution Control Revenue Bonds (Philip Morris Project), issued in
<br />1981 for the benefit of Philip Morris Incorporated (the Subsidiary),
<br />a subsidiary of Philip Morris Companies Inc. (the Company), a
<br />Virginia corporation; and
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986,
<br />as amended, and regulations issued thereunder require approval of
<br />the issuance of the bonds by the governing body of the county after
<br />a public hearing; and
<br /> WHEREAS, this Board held a public hearing with respect to the
<br />Bonds on December 7, 1992;
<br /> NOW, THEREFORE, the Board of Commissioners of Cabarrus County
<br />meeting in regular session at Concord, North Carolina, on December
<br />7, 1992, do the following:
<br /> BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF CABARRUS
<br />COUNTY:
<br /> The issuance of the Authority~s Pollution Control Revenue
<br />Refunding Bonds (Philip Morris Companies Inc. Project), Series 1992
<br />in the principal amount of $5,000,000 is hereby approved as required
<br />by Section 147(f) of the Internal Revenue Code of 1986, as amended.
<br /> Commissioner Barnhart moved the passage of the foregoing
<br />resolution and Commissioner Chairman Carpenter seconded the motion,
<br />and the resolution was passed by the following vote:
<br />
<br />Yeas: Commissioners Barnhart, Casper, Fennel and Payne
<br /> and Chairman Carpenter
<br />Nays: None
<br />Not Voting: None
<br />
<br />
<br />
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