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

Home Browse Search

Boa ff rAc.r. 863 Commissioner Almond introduced the following resolution which was read at length: WHEREAS, the Board of County Commissioners has created a political subdivision and body corporate and poli- tic 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, 500, 000 (the "Bonds") and to loan the proceeds thereof to Khoury Furniture Company (the "Company") to finance the costs of the acquisition, construction and installation of an industrial facility in Sanford for the manufacture of furniture (the "Project") 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 Secretary of the North Carolina Depart- ment of Commerce has allocated or will allocate to the County for the project $2, 500, 000 of the private activity bonds volume limitation for the State of North Carolina for the calendar year 1985 (the "Allocation"), and the Board desires to assign the Allocation to the Authority for the Project;