1985 - 06-03-85 Regular Meeting - Laserfiche WebLink

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Bois Yl ma 748 WHEREAS, the Authority intends to file an appli- cation for approval of the Project with the Secretary of the Department of Commerce (the "Department"), as re- quired by the Act; and 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 113 of the Governor of the State of North Carolina, pursuant to Section 103(n)(6)(B) of the Internal Revenue Code of 1954, as amended, 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 1985 and the Authority and the Board of County Comm- issioners 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 appli- cation for a State allocation for the Project; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the County of Lee as follows: (1) The Project is hereby approved in principle. (2) The issuance of revenue bonds by the Author- ity to finance the Project is hereby approved. (3) The County hereby applies on behalf of the Authority and the Project for a State alloca- tion pursuant to Executive Order 113 of the Governor of the State of North Carolina.