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0 0 <br />boos 16 PKE 690 0 0 2 6 <br />Commissioner Reives moved to approve an agreement for the grant of Lee County <br />funds. Commissioner Matthews seconded the motion, and upon a vote, the results were <br />as follows: <br />Aye: Cox, Garner, Matthews, Moretz and Reives <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />Commissioner Matthews moved approval of the following resolution: <br />APPROVAL OF PRINCIPLE OF INDUSTRIAL PROJECT FOR <br />LEE IRON & METAL COMPANY, INC., AND THE <br />FINANCING THEREOF WITH INDUSTRIAL REVENUE <br />BONDS IN THE PRINCIPAL AMOUNT OF UP TO $2,000,000 <br />WHEREAS, The Lee County Industrial Facilities and Pollution Control Financing <br />Authority (the Authority) has agreed to assist in the financing under the North Carolina <br />Industrial and Pollution Control Facilities Financing Act (the Act) of an industrial project <br />by Lee Iron & Metal Company, Inc., a North Carolina corporation (the Company), to <br />acquire and install equipment for the processing of prepared grades of iron and steel scrap <br />at the Company's existing facility in Lee County (the Project) and has indicated that <br />agreement by the execution of a Memorandum of Inducement and Intent between the <br />parties dated October 2, 1996, and; <br />WHEREAS, Under G.S. 159C-7 each project must be approved by the Secretary <br />of the Department of Commerce and, under Article 51B of Chapter 143 of the North <br />Carolina General Statues, the Federal Tax Reform Allocation Committee must allocate a <br />sufficient amount of North Carolina's "private activity bond limit," as defined in Section <br />141 of the Internal Revenue Code of 1986, as amended (the Code) to the financing; and <br />WHEREAS, The Rules and Procedures of the North Carolina Department of <br />Commerce require that the governing body of a county approve in principle any project to <br />be financed under the Act; <br />WHEREAS, The Board of Commissioners has today held a public hearing with <br />respect to the advisability of the Project and the issuance of bonds therefor, as evidenced <br />by the Certificate and Summary; and <br />WHEREAS, Section 147(f) of the Code requires that the Board of Commissioners <br />approve the plan of financing for the bonds; <br />12 <br />