1989 - 11-06-89 Regular Meeting - Laserfiche WebLink

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.:70 12 rn _ .961 MIY~JTES OF THE REGULAR MEETING OF THE BOARD OF COMMISSIONERS FOR THE COUNTY OF LEE, STATE OF NORTH CAROLINA Monday, November 6, 1989 I/ The regular meeting of the Board of Commissioners for the County of Lee, State of North Carolina, convened at 9:30 A.M. on Monday, November 6, 1989, in the Commissioners, room on the second floor of the County Office Building, 200 Wicker Street, Sanford, North Carolina. Those present were: Commissioners Albert L. Cox, Bertha L. Matthews, William C. Stafford, Jr. and Gordon A. Wicker. Commissioner John R. Dossenbach, Jr. was absent. Chairman Cox declared a quorum present and the meeting open for the transaction of business. Chairman Albert L. Cox presided and the following business was transacted: The invocation was given by County Attorney, K. R. Hoyle. The Chairman of the Board of Commissioners for the County of Lee (the "Board") announced that the Board would proceed to hold a public hearing and would hear anyone who wished to be heard on the proposed issuance by the Lee County Industrial Facilities and pollution Control Financing Authority (the "Authority") or by the North Carolina Industrial Facilities and Pollution Control Financing Authority (the 'INC Authority") of not exceeding $900,000 aggregate principal amount of its qualified small issue industrial revenue bonds to pay all or a portion of the cost of the acquisition of a parcel of land and the existing building located thereon at 2801 Lemon Springs Road in Sanford, Lee County, North Carolina and the renovation of said building, all to be used by the Company for the manufacturing of electrical products (the Project"). The Project is to be owned and operated by Communication Cable, Inc., a North Carolina corporation (the "Company") and is to be located wholly within Lee County. The Chairman stated that the Authority had adopted a resolution expressing its intention to issue qualified small issue industrial revenue bonds and authorizing the execution and delivery of a memorandum of agreement pertaining to the financing of the Project for the Company. The resolution provides that if the Company deems it to be economically desirable, the Company may request that such bonds be issued by the NC Authority. The Chairman then submitted copies of the resolution and the memorandum of agreement to the Board.