1978 - 06-19-78 Regular Meeting - Laserfiche WebLink

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equip any such project, and to make and execute lease agreements, 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 Bond (St. Charles Manu- facturing Co. Project), Series 1978 (the "Bond") in the principal amount of $750, 000, to pay all or part of the cost of acquisition, construction and installation of a certain industrial facility in Lee County, North Carolina, for the manufacture of cabinets for residential kitchens (the "Project") and to lease the Project to St. Charles Manufacturing Co. ; and .WHEREAS, the Board has heretofore approved the Project in principle; and WHEREAS, the Act provides that no bonds shall be issued thereunder unless the issuance thereof shall have been approved by the governing body of the County and the Board desires to approve the issuance of the Bond by the Authority; and WHEREAS, the Board has considered the Bond Pur- chase Agreement presented to it setting forth the terms of the revenue bond financing; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commiss- ioners of the County of Lee, as follows: (1) The issuance of the Bond by the Authority is hereby approved. (2) The Clerk of the Board of Commissioners is hereby authorized and directed to provide certified copies of this resolution to the Local Government Commission and the Department of Commerce of North Carolina. (3) This resolution shall take effect immediately upon its passage. Commissioner Clyde J. Rhyne moved the passage of the foregoing resolution and Commissioner Gordon A. Wicker seconded the motion, and the resolution was passed by the following vote: AYES: William H. Cooper, Clyde J. Rhyne, Franklin D. Wicker and Gordon A. Wicker. NAYS: None Commissioner Gordon A. Wicker moved that the Raleigh CETA Consortium sub-contract with Lee County be modified for the grant period from February 1, 1977 to September 30, 1978, to add projected excess Consortium Administration funds in the amount of $15, 368. 00 to the present grant of $925, 080. 00 and to place these funds in contingency until plans can be developed for the use of this money. Commissioner Clyde. J. Rhyne seconded the motion and upon a roll call vote, Messrs. Rhyne, Franklin D. Wicker, Gordon A. Wicker and Cooper all voted for it and no one voted against it.