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0021 <br />BOOK 16 ptCF 691 <br />WHEREAS, The Authority intends to issue its Tax Exempt Adjustable Mode <br />Industrial Development Revenue Bonds (Lee Iron & Metal Company, Inc. Project), Series <br />1996 (the Bonds), the proceeds of which will be loaned to the Company to finance the <br />Project; and <br />WHEREAS, the Bonds will be supported by a letter of credit issued by Wachovia <br />Bank of North Carolina, N. A.; <br />NOW, THEREFORE, the Board of Commissioners of Lee County, meeting in <br />regular session at Sanford, North Carolina, on November 18, 1996, do the following: <br />BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR LEE <br />COUNTY: <br />1. The proposed "industrial project" consisting of the acquisition and <br />installation of equipment for the processing of prepared grades of iron and steel scrap at <br />the Company's existing facility in Lee County and the issuance of bonds in an amount not <br />to exceed $2,000,000 therefor are hereby approved in principle. <br />2. The Board of Commissioners hereby requests the Federal Tax Reform <br />Allocation Committee to allocate up to $2,000,000 of North Carolina's 1996 "private <br />activity bond limit," as defined above for the financing of the Project. <br />3. The Board of Commissioners hereby approves the plan of financing as <br />required by Section 147(I) of the Code. <br />4. The Board of Commissioners hereby approves the issuance of the <br />Authority's Tax Exempt Adjustable Mode Industrial Development Revenue Bonds (Lee <br />Iron & Metal Company, Inc. Project), Series 1996 in the principal amount of not to <br />exceed $2,000,000 for purposes of Section 159C-4 of the Act. <br />Commissioner Reives seconded the motion, and upon a vote, the results were as follows: <br />Aye: Cox, Garner, Matthews, Moretz and Reives <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />There being no further business to come before the Board, Commissioner Cox <br />moved to adjourn the meeting. Commissioner Matthews seconded the motion, and upon a <br />vote, the results were as follows: <br />Aye: Cox, Garner, Matthews, Moretz and Reives <br />Nay: None <br />13 <br />