1984 - 04-02-84 Regular Meeting - Laserfiche WebLink

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eooK 11 rPrsi 44 agreements, security documents and other contracts and instruments necessary or convenient in the exer- cise of such powers; and WHEREAS, the Authority has determined to issue its revenue bonds in the principal amount of not more than $5, 000, 000 to pay all or a portion of the costs of the acqui- sition, construction and installation of an expansion of the industrial facilities of Federal Spinning Corp, in Sanford for the manufacture of yarn, including buildings and equip- ment (the "Project") to be owned and operated by Federal Spinning Corp. ; and WHEREAS, the Authority intends to file an applica- tion for approval of the Project with the Secretary of the Department of Commerce (the "Department"), as required 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 issuance 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, Lee County is experiencing "especially severe unemployment" as defined by NCAC Sub Chapter lE Section . 0303(d)(1), in that unemployment in the last calendar year averaged 12. 37o; and WHEREAS, the Board desires that the Secretary of the Department approve said project, notwithstanding the fact that Federal Spinning Corp. does not pay an average weekly manufacturing wage above the average weekly manu- facturing wage paid in Lee County; and WHEREAS, the Board desires to approve the Project in principle and the issuance of revenue bonds to finance the project;