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hoK 10 PgH 510 <br />N. <br />seconded the motion and upon a vote it was unanimously adopted. <br />Mr. Buchanan then discussed with the Board, the possibility of a <br />loan program for re-habilitation of housing. <br />A representative of The Lee County Industrial Facilities and <br />Pollution Control Financing Authority appeared before the Board and advised the <br />Board of the Authority's adoption of a resolution expressing its intention to issue <br />revenue bonds and authorizing the execution and delivery of an inducement agreement <br />pertaining to the financing of an industrial project for Kennametal Inc. The repre- <br />sentative delivered copies of the resolution and the inducement agreement to the Board. <br />A discussion of the project took place. <br />Commissioner Wicker introduced the following resolution which was <br />read at length: <br />WHEREAS, the Board of County Commissioners has <br />created a political subdivision and body corporate and <br />politic of the State of North Carolina, known as "The Lee <br />County Industrial Facilities and Pollution Control Financing <br />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 Statute of North Carolina (the <br />"Act"), to issue revenue bonds for the purpose, among <br />others, of.paying all or any part of the cost of any indust- <br />rial or pollution control project for industry; to acquire, <br />construct, improve and equip any such project; and to make <br />and execute financing agreements, security documents and <br />other contracts and instruments necessary or convenient in <br />the exercise of such powers; and <br />WHEREAS, the Authority has determined to issue its <br />revenue bonds to pay all or a portion of the costs of the acqui- <br />sition, construction and installation of an industrial facility in <br />the Lee County Industrial Park area for the manufacture of dies <br />and punches, saw blanks and miscellaneous machine parts, <br />including land, a building and equipment (the "Project"); and <br />WHEREAS, the Authority intends to file an application <br />for approval of the Project with Secretary of the Department <br />of Commerce (the "Department"), as required by the Act; and <br />