1999 - 04-19-99 Regular Meeting - Laserfiche WebLink

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BOOR 17 PIGF 649 005 WHEREAS, under Section 159C-4 of the Act the issuance of bonds under the Act must be approved by the governing body of the county in which the project to be financed under the Act is located; NOW, THEREFORE, the Board of Commissioners of Lee County, meeting in regular session in Sanford, North Carolina, on April 19, 1999, do the following: BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR LEE COUNTY: 1. The proposed "industrial project" consisting of the acquisition, construction and equipping of a facility to manufacture ]ionic furnishings in Lee County and the issuance of bonds in an amount not to exceed $5,000,000 therefore are hereby approved in principle. 2. The Board of Commissioners hereby requests that the proposed industrial project be approved notwithstanding the fact that the operator will not pay an average weekly manufacturing wage which is above the average weekly manufacturing wage paid in the County or at least 10% above the average weekly manufacturing wage paid in the State of North Carolina. 3. The Board of Commissioners hereby requests the Federal Tax Reform Allocation Committee to allocate tip to $5,000,000 of North Carolina's 1999 "volume cap," as defined above for the financing of the Project. 4. The Board of Commissioners hereby approves the plan of financing as required by Section 147(f) of the Code. 5. The issuance of the Bonds in the principal amount of $5,000,000 is hereby approved for purposes of Section 159C-4 of the Act. Upon a vote, the results were as follows: Aye: Adams, Garner, Hincks, Matthews, Paschal, Reives, and SaUIS Nay: None The Chairman ruled the motion had been adopted unanimously. The Board considered a water rate adjustment for Goldkist, Inc. Public Works Director Kenny Cole told the Board that a contract with Golden Poultry allows for a rate adjustment every three years if there is a demonstrated need. Based upon a rate analysis lie completed for the next three years and the projected rate until the year 2006, the new rate will be 52.36/1,000 gallons. The current rate is $2?3/1,000 gallons. This would increase their average monthly water bill by $2,400.00. He further told the Board that there had not been a rate increase during the past six years. After some 5