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

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eooK 12 past 96 to issue industria revenue bonds for the purpose, among others, of paying all or any part of the cost of any industrial or pollution control project for industry; to acquire, construct, improve and equip any such project; and to make and execute financing agreements, security documents and other contracts and instruments necessary or convenient in the exercise of such powers; and WHEREAS, the Authority has determined to issue 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"), which Project is to be owned and operated by Communication Cable, Inc., a North Carolina corporation (the "Company"); and WHEREAS, the Authority intends to file an application for approval of the Project with the Secretary of the Department of commerce (the "Department"), as required by the Act; and WHEREAS, the Department has, by regulation, provided that no application for approval of a proposed project by the Department will be officially received until the governing body of the county from which the application is made has, by resolution after having held a public hearing, approved the issue of qualified small issue industrial revenue bonds and approved the proposed project and a certified copy of such resolution has been provided to the Department; and WHEREAS, pursuant to the North Carolina Industrial and Pollution Control Facilities Pool Program Financing Act, Chapter 159D of the General Statutes of North Carolina (the 'INC Act"), certain counties of the State of North Carolina have created the North Carolina Industrial Facilities and Pollution Control Financing Authority (the 'INC Authority") to issue obligations to finance projects such as the Project, and Lee County is or expects to become a member of the NC Authority; WHEREAS, if the Company so determines that the issuance by the NC Authority of its qualified small issue industrial revenue bonds is in the best economic interest of the Company, such bonds may be issued by the NC Authority; WHEREAS, the Project will be located wholly within Lee County, WHEREAS, the Board, pursuant to public notice duly given, has held a public hearing on the proposed qualified small issue industrial revenue bond issue and Project and has considered the comments of persons who requested to be heard; and WHEREAS, the Board desires to approve the issuance of the 3