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Box 23 mi 850 <br />BOARD OF COMMISSIONERS <br />OF <br />LEE COUNTY, NORTH CAROLINA <br />Extract of Minutes <br />of Meeting of December 6, 2010 <br />Present: Chairman Shnn presiding, and Conunissioners: Haves, Oldham, Parks, Paschal <br />Reives, Shook and Womack <br />Absent: N/A <br />Commissioner Robert Reives introduced the <br />following resolution, the title of which was read: <br />APPROVAL IN PRINCIPLE OF SPECIAL PURPOSE PROJECT <br />FOR LEE IRON AND METAL COMPANY, INC. AND THE <br />FINANCING THEREOF WITH RECOVERY ZONE FACILITY <br />13ONDS IN THE PRINCIPAL AMOUNT OF UP "fO $10,000,000 <br />WHEREAS, The Lee County Industrial Facilities and Pollution Control Financing <br />Authority (the "Authority ") proposes to assist in the linancing under the North Carolina <br />Industrial and Pollution Control Facilities Financing Act, Chapter 159C of the North Carolina <br />General Statutes, as amended (the "Act ") of a "special purpose project," the proceeds of which <br />will be loaned to Lee Iron and Metal Company, Inc., a North Carolina corporation, or an affiliate <br />or subsidiary thereof (the "Company'), to be used to finance the acquisition, construction and <br />equipping of a metal shredding facility (the "Project "), to be owned and operated by the <br />Company, or an affiliated or related entity, in Sanford, Lee County, North Carolina; and <br />WHEREAS, on November 2, 2009, the Board of Commissioners of Lee County (the <br />"County) designated the entire County as a recovery zone for purposes of Section 1400U -1 <br />through 1400U -3 of the Internal Revenue Code of 1986, as amended (the "Code" ); and <br />WHEREAS, under the Code, the Project constitutes "recovery zone property' because it <br />is a depreciable property located in a recovery zone which is used in the active conduct of the <br />Company's trade or business; and <br />WHEREAS the Act and the Internal Revenue Code of 1986, as amended (the "Code') <br />require that the governing body of a county approve in principle any project to be financed under <br />the Act after a public hearing; and <br />WHEREAS. the North Carolina Tax Reform Allocation Committee has reallocated <br />$10,000,000 of recovery zone facility bond allocation to the Project; and <br />WHEREAS, this Board of Commissioners today has held a public hearing with respect to <br />the advisability of the Project and the issuance of recovery zone facility bonds therefor, as <br />evidenced by the Certificate and Summary of Public Hearing attached hereto as Exhibit A; and <br />