1988 - 09-06-88 Regular Meeting - Laserfiche WebLink

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r 6 tv V ?r,c; 48,1) Commissioner John R. Dossenbach, Jr. moved that the proposed budget ordinance be approved, a copy of same being attached to these minutes and by this reference made a part hereof. Commissioner Gordon A. Wicker seconded the motion, and upon a vote the results were as follows: AYE: Cox, Dossenbach, Matthews, Wicker and Dotterer. NAY: None The Chairman ruled that the Ordinance had been unanimously adopted. Grants Director Buchanan reported to the Board that a new industry would be locating in the Industrial Park. The firm is in the business of recycling oil. Grants Director Buchanan requested the Board to hold a public hearing on the San-Lee Heights project in order that the project may be closed by his office. Commissioner Raymond C. Cox, Jr. moved that the Board schedule a public hearing on this project at its meeting on September 19, 1988. Commissioner Gordon A. Wicker seconded the motion, and upon a vote the results were as follows: AYE: Cox, Dossenbach, Matthews, Wicker and Dotterer. NAY: None The Chairman ruled the resolution had been unanimously adopted. A representative of the Lee County Industrial Facilities and Pollution Control Financing Authority (the "Authority") appeared before the Board and advised the Board that the Authority had adopted a bond resolution authorizing the issuance of revenue bonds in the principal amount of $2,750,000 and the execution and delivery of financing documents pertaining to the financing of industrial facilities in Lee County for Wake Stone Corporation (the "Company"). The representative submitted to the Board drafts of a Trust Indenture between the Authority and First-Citizens Bank & Trust Company, as Trustee, a Loan Agreement between the Authority and the Company, a form of Letter of Credit to be issued by Wachovia Bank and Trust Company, N. A. and a Placement Agreement among the Company, the Authority, Wachovia Bank and Trust Company, N. A., and J. P. Morgan Securities, Inc. The representative further stated that the Authority proposed to issue and sell the bonds to one or more institutional or other investors at a price of 100% of the principal amount thereof and requested that the Board approve the issuance of tthe bonds. Commissioner Dossenbach introduced the following resolution which was read at length: