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0 0 <br />bou 12 nGE 471'3 <br />made by his organization disclosed that Wake Stone was a good and responsible <br />corporate citizen. <br />Mr. Jim McGee, Vice President of Wachovia Bank & Trust Co., spoke in <br />support of the application and stated that Wachovia Bank had always found Wake <br />Stone Corp. to be a good corporate citizen. <br />After the Board had heard all persons who requested to be heard, <br />Commissioner John R. Dossenbach, Jr. moved that the public hearing be closed. <br />The motion was seconded by Commissioner Raymond C. Cox, Jr. and was unanimously <br />adopted. <br />Commissioner Gordon A. Wicker then introduced the following <br />resolution which was read at length: <br />WHEREAS, the Board of County Commissioners has created a political <br />subdivision and body corporate and politic of the State of North Carolina known <br />as "The Lee County Industrial Facilities and Pollution Control Financing <br />Authority" (the "Authority"); and <br />WHEREAS, the Authority is authorized under the Industrial and <br />Pollution Control Facilities Financing Act, Chapter 159 C of the General <br />Statutes of North Carolina, as amended (the "Act"), to issue revenue bonds for <br />the purpose, among others, of paying all or any part of the cost of any <br />industrial project for industry, to acquire, construct and equip any such <br />project, and to make and execute financing agreements, security documents and <br />other contracts and instruments necessary or convenient in the exercise of such <br />powers; and <br />WHEREAS, the Authority has determined to issue its revenue bonds in <br />the principal amount of not more than $2,750,000 to pay all or a portion of the <br />costs of the acquisition, construction and installation of an industrial <br />facility for the processing of crushed stone, including new equipment to be <br />used for crushing, screening, washing and conveying stone and ancillary <br />equipment (the "Project"), at a quarry located on Deep River and on Stone <br />Quarry Road, one-quarter mile west of the intersection of old U. S. 1 and U. S. <br />1 in Lee County, owned and to be operated by Wake Stone Corporation; and <br />WHEREAS, the Authority intends to file an application for approval of <br />the project with the Secretary of the Department of Commerce (the <br />"Department"), as required by the Act; and <br />