1988 - 07-18-88 Regular Meeting - Laserfiche WebLink

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a 0 BOOK 12 P:GE 974 - 4- 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 County 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 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 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 Project is less than said allocation, such excess allocation shall revert to the State of North Carolina; and WHEREAS, the Board of County Commissioners desires to approve the Project in principle and the issuance of revenue bonds to finance the Project and to join in the Authority's application for a State allocation for the Project; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of Lee as follows: (1) The Project is hereby approved in principle. (2) The issuance of revenue bonds by the Authority to finance the Project is hereby approved. (3) The Clerk of the Board of Commissioners is hereby authorized and directed to provide a certified copy of this resolution to the Department of Commerce. (4) This resolution shall take effect immediately upon its passage. Commissioner Gordon A. Wicker moved the passage of the foregoing resolution and Commissioner John R. Dossenbach, Jr. seconded the motion, and the resolution was passed by the following vote: AYES: Cox, Dossenbach, Matthews, Wicker and Dotterer. NAYS: None.