1985 - 10-07-85 Regular Meeting - Laserfiche WebLink

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The Chairmabn4statVlxa,", Ae Lee Countv Industrial Facilities and Pollution Control Financing Authority would consider a resolution author- izing the execution and delivery of amendments to agreements pertaining to the 1983 financing of an industrial project for Sherwood Refractories, Inc. The Chairman submitted copies of the resolution and a First Supplemental Indenture of Trust and First Amendment to Loan Agreement to the Board. The Chairman then stated that a notice had been published on September 20 , 1985 that the Board would hold a public hearing on October 7, 1985 on the proposed amend- ments to the terms of the Bonds issued to finance the project. Commissioner Almond moved that the Board proceed to hold a public hearing on the proposed amendments and the project. The motion was seconded by Commissioner Cox and was unanimously adopted. At 9:45 o'clock A. M. , the Chairman announced that the Board would hear anyone who wished to be heard on the advisability of the proposed amendments to the terms of the Bonds issued to finance the project and that a representative of the Authority was present and was prepared to discuss the details concerning the proposed amendments. The names and addresses of the persons who were present, summaries of their oral comments and copies of their written comments are set forth below: No one appeared.' After the Board had heard all persons who requested to be heard, Commissioner Almond moved that the public hearing be closed. The motion was seconded by Commissioner Cox and was 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, 500, 000 and the execution and delivery of financing documents pertaining to the financing of industrial facilities in Lee County for Khoury Furniture Co- mpany (the "Company"), a wholly-owned subsidiary of Khoury, Inc. (the "Guarantor"). The representative submitted to the Board drafts of a Trust Indenture between the Authority and First Union National Bank, as Trustee (the "Trustee"), a Loan Agreement between the Authority and the Company, a Deed of Trust between the Company and an individual trustee for the benefit of the Authority, a Security Agreement between the Company and the Authority and a Guaranty Agreement between the Guarantor and the Trustee. The re- presentative further stated that the Authority proposed to issue and sell the bonds to First Union National Bank at a price of 1001a of the principal amount thereof and requested that the Board approve the issuance of the bonds.