1978 - 09-05-78 Regular Meeting - Laserfiche WebLink

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The Board next considered a resolutionapproving the Extraterritorial Jurisdiction Boundaries of the City of Sanford. The Board first heard from Mr, Jerry Almond, a member of the County Planning Board and Mr. Almond reported that the County Planning Board had approved the request of the City of Sanford to extend its Extraterritorial Jurisdiction. Mr, Harold McNeill, City Planning Director, appeared before the Board and identified the boundaries on a map and explained that the City believed that tying the Extraterritorial Jurisdiction Boundaries to identifiable geographic features would help both the City and County Planning Departments. Commissioner Clyde J. Rhyne moved that the Resolution approving the Extraterritorial Jurisdiction Boundaries of the City of Sanford, a copy of which is attached to these minutes and by this reference made a part hereof, be adopted. Commissioner Franklin D. Wicker seconded the motion and upon a roll call vote, Messrs. Rhyne, Franklin D. Wicker and William H. Cooper voted for it and Commissioner Gordon A. Wicker voted against it. The Chairman declared that the motion had carried by a majority vote. The question of compensation for travel for County employees came up and the Finance Officer was requested to investigate this matter and report on the amount presently being expended by the County for such purpose. A representative of The Lee County Industrial Facilities and Pollution Control Financing Authority appeared before the Board and advised the Board that the Authority at its meeting on September 1st, 1978, had adopted a bond resolution authorizing the issuance of revenue bonds in the aggregate principal amount of $l, 500, 000 to finance industrial facilities for Litton Industrial Products, Inc. , a wholly-owned subsidiary of Litton Industries, Inc., and had authorized the execution and delivery of financing documents. The representative delivered to the Board a copy of the Bond Purchase Contract authorized to be entered into by the Authority with J. C. Bradford & Co., Inc. , as Underwriter, and Litton Industries, Inc. The representative advised the Board that the other approved financing documents were available for inspection in the office of the Clerk of the County Board. The repre- sentative further stated that the Bond Purchase Contract set forth the terms of the revenue bond financing, including the proposed sale of the bonds at 98.50% of the principal amount thereof plus accrued interest to'J. C. Bradford and Co. , Inc. and requested that the Board approved the issuance of the bonds contemplated thereby. A discussion of the Bond issued ensued. Commissioner Franklin D. Wicker introduced the following reso- lution which was read at length: WHEREAS, the Board of County Commissioners has created a political subdivision and body corporate and politic of the State of North Carolina known as "The Lee 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 revenue bonds for the purpose, among others, of paying all or any part of the costs of any industrial project for industry, to acquire, any such project, and to make and execute lease agreement, security documents and other contracts and instruments necessary or convenient in the exercise of such powers; and WHEREAS, the Authority has determined to issue its Industrial Development Revenue Bonds, Series 1978 (Litton Industrial Products, Inc. Project ) (the "Bonds"), in the aggregate principal amount of $1, 500, 000, to pay all or part of the cost of acquisition of industrial facilities in Lee County for the manufacture of hand tools (the "Project") and to lease the Project to Litton Industrial products, Inc.; and