1988 - 10-03-88 Regular Meeting - Laserfiche WebLink

Home Browse Search

soon 12 FaF,~ 53 resolution which was read at length: WHEREAS, the Board of County Commissioners has created a political subdivision and body corporate and politic of the State of North Carolina known as "The Lee County Industrial Facilities and Pollution Control Financing Authority" (the "Authority"); and WHEREAS, the Authority is authorized under the Industrial and Pollution Control Facilities Financing Act, Chapter 159C of the General Statutes of North Carolina, as amended (the "Act"), to issue revenue bonds for the purpose, among others, of paying all or any part of the cost of any industrial project for industry, to acquire, construct and equip any such project, and to make and execute financing agreements, security documents and other contracts and instru- ments necessary or convenient in the exercise of such powers; and WHEREAS, the Authority has determined to issue its revenue bonds in the principal amount of not more than $9, 000, 000 to pay all or a portion of the costs of the acquisition, construction and installation of an industrial facility in Lee County for the manufacture of office furniture and office furniture systems, including the acquisition of an approximately 100-acre site and an approximately 170, 000 square foot building at 5000 Womack Road in the Lee County Industrial Park, the construction of building renovations and the acquisition and installation of machinery and equipment (the "Project") to be operated by Helikon Furniture Company, Inc. ; 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 project will be officially received until the elected Board of County Commissioners of the county from which the application is made has, by resolution after a public hearing, approved the issue of revenue bonds and approved in principle the proposed project and a certified copy of such resolution has been provided to the Department; and WHEREAS the Board of Commissioners, pursuant to public notice duly given, has held a public hearing on the advisability of the project and the issuance of revenue bonds to finance the project and has considered the comments of persons who requested to be heard; and WHEREAS, in accordance with Executive Order 37 of the Governor of the State of North Carolina pursuant to Section 146 of the Internal Revenue Code of 1986, the Authority has applied on behalf of the project for an allocation of the private activity bonds volume limitation for the State of North Carolina for the calendar year 1988 and the Authority and the Board of County Commissioners understand that such allocation may be used only for the project and that, to the extent that the face amount of the revenue bonds issued by the Authority to finance the