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1985 - 06-03-85 Regular Meeting
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1985 - 06-03-85 Regular Meeting
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Minutes
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Board of Commissioners
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9aUt li atE 751 <br />WHEREAS, Lee County is experiencing "especially <br />severe unemployment" as defined in NCAC Sub-Chapter 1E, <br />Section . 0303(d), in that unemployment in the latest avail- <br />able six-month period averaged 8. 5%; and <br />WHEREAS, the Board desires that the Secretary of <br />the Department approve the Project, notwithstanding the <br />fact that Khoury, Inc, will not pay an average weekly manu- <br />facturing wage above the average weekly manufacturing <br />wage paid in Lee County; and <br />WHEREAS, in accordance with Executive Order 113 <br />of the Governor of the State of North Carolina pursuant to <br />Section 103(n)(6)(B) of the Internal Revenue Code of 1954, <br />as amended, the Authority has applied on behalf of the <br />Pfoject for an allocation of the private activity bonds volume <br />limitation for the State of North Carolina for the calendar <br />year 1985 and the Authority and the Board of County Comm- <br />issioners understand that such allocation may be used only <br />for the Project and that, to the extent that the face amount <br />of the revenue bonds issued by the Authority to finance the <br />Project is less than said allocation, such excess allocation <br />shall revert to the State of North Carolina; and <br />WHEREAS, the Board of County Commissioners desires <br />to approve the Project in principle and the issuance of revenue <br />bonds to finance the Project and to join in the Authority's appli- <br />cation for a State allocation for the Project; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of <br />County Commissioners of the County of Lee as follows: <br />(1) The Project is hereby approved in principle, <br />(2) The issuance of revenue bonds by the Authority to <br />finance the Project is hereby approved. <br />(3) The Board hereby requests and recommends that the <br />Project be approved by the Secretary of the Department, <br />notwithstanding the fact that the Company will not pay an <br />average weekly manufacturing wage above the average <br />weekly manufacturing wage paid in Lee County. <br />(4) The County hereby applies on behalf of the Authority <br />and the Project for a State allocation pursuant to <br />Executive Order 113 of the Governor of the State of North <br />Carolina. <br />
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