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County Commissioners <br />WILLIAM C. STAFFORD, JR. <br />Chairman <br />GORDON A. WICKER <br />Vice-Chairman <br />JACK DOSSENBACH, JR. <br />F. HUBERT GARNER <br />BERT MATTHEWS <br />NATHAN I,. PASCUAL <br />ROBERT T. REIVES <br />g00v 15 pr,~436 <br />7 are evultha <br />NORTH CAROLINA <br />RESOLUTION <br />IN SUPPORT OF THE PROPOSED <br />CONSTITUTIONAL AMENDMENT ALLOWING THE <br />ISSUANCE OF ECONOMIC DEVELOPMENT FINANCING BONDS <br />WILLIAM K. COWAN <br />Manager <br />Telephone 774-8403 <br />JOHN A. CROMPTON <br />Finance Director <br />Telephone 774-8430 <br />KENNETH R. HOYLE <br />County Attorney <br />Telephone 774-8437 <br />FAX 774-8407 <br />WHEREAS, the voters of North Carolina will have an opportunity <br />on November 2, 1993 to approve a proposed amendment to the State <br />Constitution to allow local governments to issue Economic Development <br />Financing Bonds; and <br />WHEREAS, Economic Development Financing Bonds provide local <br />governments with an important means of financing public improvements, <br />such as water lines and access roads, that are needed to support new <br />business and industrial development; and <br />WHEREAS, a positive vote for Economic Development Financing <br />Bonds will add North Carolina to the list of 41 other states that <br />allow local governments to use this means of financing; and <br />WHEREAS, Economic Development Financing Bond repayments are <br />secured only by the additional tax revenues generated by the new <br />development and do not require increases in tax rates; and <br />WHEREAS, the North Carolina state law provides significant <br />safeguards to assure that Economic Development Financing Bonds are <br />used carefully for projects which are financially sound by requiring <br />review and approval by the State's Local Government Commission prior <br />to the issuance of these bonds and by requiring local public hearings <br />on all proposed projects. <br />NOW, THEREFORE, BE IT RESOLVED that the Lee County Board of <br />Commissioners supports the passage of the proposed amendment of the <br />State Constitution to allow issuance of Economic Development <br />Financing Bonds by local governments. <br />BE IT FURTHER RESOLVED, that the Lee County Board of <br />Commissioners urges each citizen to learn more about this important <br />public issue and to vote on November 2, 1993. <br />09 <br />106 Hillcrest Drive P.O. Box 1968 Sanford, North Carolina 27331-1968 <br />