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0 0 <br />era; ~9 ~ac~ 12~ <br />WHEREAS: This Board of Commissioners has today held a public hearing with respect <br />to the advisability of the Project and the issuance of bonds therefor, as evidenced by the <br />Certificate and Summary of Public Hearing attached hereto as Exhibit A; and <br />WHEREAS: Section 147(0 of the Code requires that the Board of Commissioners <br />approve the plan of financing for the bonds; and <br />WHEREAS: The Authority intends to issue its Industrial Development Revenue Bonds <br />(Freemor, LLC, Project) Series 2002 (the "Bonds") in the principal amount of up to $4,000,000 <br />which will be secured by a letter of credit issued by a United States bank; and <br />WHEREAS, under Section 159C-4 of the Act the issuance of bonds under the Act must <br />be approved by the governing body of the county in which the project to be financed under the <br />Act is located; <br />NOW, THEREFORE, the Board of Commissioners of Lee County, meeting in regular <br />session at Sanford, North Carolina, on December 2, 2002, do the following: <br />BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR LEE COUNTY: <br />1. The proposed "industrial project" consisting of the acquisition, rehabilitation and <br />equipping of a facility for the manufacture of doors and other construction materials by Freemor, <br />LLC in Lee County and the issuance of bonds in an amount not to exceed $4,000,000 therefor <br />are hereby approved in principle. <br />2. The Board of Commissioners hereby requests the Federal Tax Reform Allocation <br />Committee to allocate up to $4,000,000 of North Carolina's 2002 "private activity bond limit," <br />as defined above for the financing of the Project. <br />3. The Board of Commissioners hereby approves the plan of financing as required <br />by Section 147(f) of the Code. <br />4. The issuance of the Bonds in the principal amount of up to $4,000,000 is hereby <br />approved for purposes of Section 159C-4 of the Act. <br />Commissioner Bertha L. Matthews moved the passage of the foregoing resolution and <br />Commissioner N/A seconded the motion, and the resolution was passed by the following vote: <br />Ayes: Commissioners Adams, Hincks, Lemmond, Matthews. Paschal. Reives, and <br />Stevens <br />Nays: None <br />Not voting: N/A <br />