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

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BOOS V ra;r US 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, 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 proposes to issue its revenue bonds in the principal amount of $2,750,000 (the "Bonds") and to lend the proceeds thereof to Wake Stone Corporation (the "Company") to finance the costs of the acquisition, construction and installation of an industrial facility for the processing of crushed stone at a quarry located in Lee County (the "Project") owned and operated by the Company; and WHEREAS, the Board has heretofore held a public hearing, pursuant to public notice duly given, and has heretofore approved the Project in principle and the issuance of revenue bonds to finance the Project; and WHEREAS, the Act provides that no bonds shall be issued thereunder unless the issuance thereof shall have been approved by the governing body of the County and the Board desires to approve the issuance of the Bonds by the Authority; and WHEREAS, the Board has considered the financing documents presented to it setting forth the terms of the revenue bond financing; and WHEREAS, the State of North Carolina has allocated, or will allocate, to the Authority for the Project $2,750,000 of the private activity bonds volume limitation for the State of North Carolina for the calendar year 1988; NOW, THEREFORE, BE IT RESOLVED by the County Commissioners of the County of Lee as follows: (1) The issuance of the Bonds in the principal amount of $2,750,000 by the Authority is hereby approved. (2) The Clerk of the Board of Commissioners is hereby authorized and directed to provide certified copies of this resolution to the Local Government Commission and to Bond counsel.