2003 - 05-05-03 Regular Meeting - Laserfiche WebLink

Home Browse Search

BUo; 19 P;cF U00-0 After the Board had heard all persons who had requested to be heard, Commissioner Amy Stevens moved that the public hearing be closed. The motion was seconded by Commissioner Ed Pa s cha 1 and was unanimously adopted. The Clerk announced that [s]he had been advised that the Authority intends to file an application with the Secretary of the North Carolina Department of Commerce for approval of the Project. Because such application for approval cannot, under regulations of the Department of Commerce, be officially received until, among other things, the Board approves the Project in principle, the Authority has recommended and requested that the Board pass a resolution approving the Project in principle. Under procedures adopted by the Department of Commerce, the Board must also authorize the Authority to apply to the North Carolina Federal Tax Reform Allocation Committee for an allocation of Unified Volume Limitation for tax exempt private activity bonds with respect to the bonds to be issued to finance the Project. Finally, Section 159C-4(d) of the North Carolina General Statutes requires the Board to approve the issuance by the Authority of the bonds to be issued to finance the Project. Thereupon, Commissioner Ed Paschal introduced the following resolution, a copy of which had been distributed to each Commissioner and the title of which appeared on the agenda: RESOLUTION APPROVING IN PRINCIPLE A MANUFACTURING PROJECT IN LEE COUNTY, NORTH CAROLINA, TO BE FINANCED FOR LEE CENTRAL, LLC BY NOT EXCEEDING $4,250,000 AGGREGATE PRINCIPAL AMOUNT OF BONDS OF THE LEE COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY, AUTHORIZING THAT AUTHORITY TO APPLY TO THE NORTH CAROLINA FEDERAL TAX REFORM ALLOCATION COMMITTEE FOR AN ALLOCATION OF UNIFIED VOLUME LIMITATION, AND APPROVING THE ISSUANCE OF SUCI I BONDS. BE IT RESOLVED by the Board as follows: 1. The proposed manufacturing project in Lee County, North Carolina, to be financed for Lee Central, LLC (the "Borrower") by not exceeding $4,250,000 aggregate principal 1lmount of bonds of the Authority is hereby approved in principle. 2. The Board hereby requests that the North Carolina Federal Tax Reform Allocation Committee allocate $4,250,000 of the State of North Carolina Unified Volume Limitation of tax exempt private activity bonds imposed by the Tax Reform Act 1986, as amended, for the industrial revenue bonds and Project described above, which allocation it is acknowledged will revert in whole or in part to the statewide allocation if bonds for this Project are not issued prior to the termination date of the allocation, and the Chairman or the Vice Chairman of the Authority is hereby authorized and directed to make application to the Secretary of the North Carolina Department of Commerce for such allocation. 3. Pursuant to and in satisfaction of the requirements of Section 159C-4(d) of the General Statutes of North Carolina and Section 147(f) of the Internal Revenue Code of 1986, as C-820378,01 17193.00011