1984 - 03-05-84 Regular Meeting - Laserfiche WebLink

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cook 11«< 37 i 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 forthe 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 WHEREAS, the Authority has determined to issue its revenue bonds in the principal amount of not more than $4, 500, 000 to pay all or a portion of the costs of the acqui- sition, construction and installation of industrial facilities on U. S. 421 North in Lee County for the manufacture of textile products, including acquisition of land, construction of a building and acquisition and installation of equipment (the "Project") to be operated by Imperial Cotton Mills, Inc. ; and WHEREAS, the Authority intends to file an application for approval of the Project with the Secretary of the Depart- ment 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 issue 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 give, 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, the Board of County Commissioners desires to approve the Project in principle and the issuance of revenue bonds to finance the Project;