1984 - 10-01-84 Regular Meeting - Laserfiche WebLink

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I' suo fl ~c_ 591 Mr. Walter B. Hartman, Jr., presented a budget ordinance for Project No. 9.9354104 to carry out the rehabilitation of the Airport drainage system in the terminal area. A copy of the ordinance is attached to these minutes and by this reference is made a part hereof. Commissioner John E. Dotterer moved that the budget ordinance be approved and adopted. Commissioner Jerry M. Almond seconded the motion and upon a vote, it was unanimously adopted. A representative of The Lee County Industrial Facilities and Pollution Control Financing Authority appeared before the Board and advised the Board of the Authority's adoption of a bond resolution authorizing the issuance of a $4, 200, 000 industrial revenue bond and the execution and delivery of financing documents pertaining to the financing of industrial facilities in Lee County for Federal Spinning Corp. (the "Company"). The representative submitted to the Board drafts of a Bond Purchase Agreement proposed to be entered into among the Authority, the Company and First Citizens Bank & Trust Company (the "Bank"), a Loan Agreement between the Authority and the Company, a Deed of Trust between the Company and David L. Ward, Jr. , as trustee, a Security Agreement between the Company and the Authority, an Assignment by the Authority to the Bank, a Deed of Trust between Bledspun Incorporated and David L. Ward, Jr., as trustee, a Guaranty Agreement between the Company and the Bank, a Guaranty Agreement between Blendspun Incorporated and the Bank and a Guaranty Agreement between Federal Molding Corp, and the Bank. The representative further stated that the Bond Purchase Agreement set forth the terms of the industrial revenue bond financing, including the proposed issuance and sale of the bond to the Bank at a price of 100% of the principal amount thereof, and requested that the Board approve the issuance of the bond. Commissioner Dotterer then introduced the following resolution which was read at length: WHEREAS, the Board of County Commissioners has created a political subdivision and body corporate and politic 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 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