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BOOK 11 444 <br />and the inducement agreement to the Board. The Chairman then stated that a <br />notice had been published on March 16, 1984 and that the Board would hold a <br />public hearing on April 2, 1984 on the proposed project and the issuance of revenue <br />bonds to finance the project. <br />Commissioner John R. Dossenbach, Jr., moved that the Board <br />proceed to hold a public hearing on the project and the issuance of revenue bonds <br />to finance the project. The motion was seconded by Commissioner Jerry M. <br />Almond and was unanimously adopted. <br />At 10:15 o'clock a. m. , the Chairman announced that the Board <br />would hear anyone who wished to be heard on the advisability of the proposed . <br />project and the issuance of revenue bonds to finance the project and that a repre- <br />sentative of the Authority was present and was prepared to discuss the details <br />concerning the proposed project and bond issue. <br />The names and addresses of the persons who were present, <br />summaries of their oral comments and copies of their written comments are <br />set forth below: <br />Mr. Clyde Rhyne appeared on behalf of Federal Spinning Corp- <br />oration and reviewed his company's problems with increased competition'of <br />imported textile yarns and how the company was purchasing new equipment and <br />making an addition to be able to enter into the cotton yarn business which would <br />provide continued employment for their employees. <br />After the Board had heard all persons who requested to be <br />heard, Commissioner Gordon A. Wicker moved that the public hearing be <br />closed. The motion was seconded by Commissioner Jerry M. Almond and was <br />unanimously adopted. <br />Commissioner Gordon A. Wicker then introduced the following <br />resolution 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 "The. <br />Lee County Industrial Facilities and Pollution Control <br />Financing Authority" (the "Authority"); and <br />WHEREAS, the Authority is authorized under the <br />Industrial and Pollution Control Facilities Financing Act, <br />Chapter 159C of the General Statutes of North Carolina, as <br />amended (the "Act"), to issue revenue bonds for the purpose, <br />among others, of paying all or any part of the cost of any <br />industrial project for industry, to acquire, construct and <br />equip any such project, and to make and execute financing <br />