1983 - 06-20-83 Regular Meeting - Laserfiche WebLink

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LOT' C 61 rZ~Q1 .L f~ri` After the Board had hea1rd all pe7J yrs4ons who requested to be heard, Commissioner Almond moved that the public hearing be closed. The motion was seconded by Commissioner Matthews and was unanimously adopted. The Chairman then advised the Board of the Authority's adoption of a bond resolution authorizing the issuance of $5, 500, 000 industrial revenue bonds and the execution and delivery of financing documents pertaining to the financing of the project for the Company. A representative of the Authority submitted to the Board drafts of an Indenture of Trust between the Authority and NCNB National Bank of North Carolina, as Trustee, (the "Trustee"), a Loan Agreement between the Authority and the Company, a' Letter of Credit Agreement (including the attached form of Letter of Credit) between the Company and Bankers Trust Company (the "Letter of Credit Bank"), a Guaranty between the Trustee and TRW Inc. (the "Guarantor"), a Bond Purchase Agreement among the Authority, the Guarantor and Federated Tax-Free Trust (the "Purchaser") and a.Letter of Credit Guaranty between the Letter of Credit Bank and the Guarantor. The representative further stated that the Indenture of Trust set forth the terms of the industrial revenue bond financing, including the proposed issuance and sale of the bonds to the Purchaser at a price of 10016 of the principal amount thereof and requested that the Board approve the issuance of the Bonds. Commissioner Jerry M. Almond 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 WHEREAS, the Authority proposes to issue its $5, 500, 000 industrial development revenue bonds (the "Bonds") and to loan the proceeds thereof to the Company to finance the acquisition, construction and installation of an industrial facility at 5105 Rex McLeod Drive in Sanford