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kG <br />BOOK it 541V <br />The representative submitted to the Board drafts of a Trust <br />Indenture proposed to be entered into between the Authority and Wachovia <br />Bank and Trust Company, N. A., as trustee (the "Trustee"), a Loan Agreement <br />between the Authority and the Company, a Deed of Trust between the Company <br />and James E. McGee, III, a Security Agreement between the Company and the <br />Authority, a Guaranty Agreement from the Company to the Trustee, and a <br />Guaranty and Purchase Agreement from the Company to Wachovia Bank and <br />Trust Company, N. A. The representative further stated that the Trust <br />Indenture set forth the terms of the industrial revenue bond financing and <br />that the bonds would be sold to Wachovia Bank and Trust Company, N.A., at <br />a price of 1001a of the principal amount thereof and requested that the Board <br />approve the issuance of the bonds. <br />Commissioner Almond then introduced the following resolution <br />which was read at length: <br />WHEREAS, the Board of County Commissioners <br />has created a political subdivision and body corporate <br />and politic of the State of North Carolina known as <br />"The Lee County Industrial Facilities and Pollution <br />Control Financing Authority" (the "Authority"); and <br />WHEREAS, the Authority is authorized under <br />the Industrial and Pollution Control Facilities Financing <br />Act, Chapter 159C of the General Statutes of North <br />Carolina, as amended (the "Act"), to issue revenue <br />bonds for the purpose, among others, of paying all or <br />any part of the cost of any industrial project for industry, <br />to acquire, construct and equip any such project, and to <br />make and execute financing agreements, security docu- <br />ments and other contracts and instruments necessary or <br />convenient in the exercise of such powers; and <br />WHEREAS, the Authority proposes to issue its <br />$5, 000, 000 Industrial Revenue Bonds (the "Bonds") and <br />to loan the proceeds thereof to the Company to finance <br />the acquisition, construction and installation of additional <br />industrial facilities in the unincorporated area of Lee <br />County on McNeill Road for the manufacture of electrostatic <br />precipitating equipment, including land, buildings and <br />equipment (the "Project"), to be operated by the Company; <br />and <br />WHEREAS, the Board has heretofore held a public <br />hearing, pursuant to notice duly given, and has heretofore <br />approved the Project in principle and the issuance of <br />revenue bonds to finance the project; and <br />