1982 - 07-19-82 Regular Meeting - Laserfiche WebLink

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10 ~anK 10 ~;~E 512 WHEREAS, the Authority is authorized under the Industrial and Pollution Control Facilities Financing Act, Chapter 159C of the General Statute of North Carolina (the "Act"), to issue revenue bonds for the purpose, among others, of paying all or any part of the cost of any industrial or pollution control project for industry; to acquire, construct, improve and equip any such project; and to make and exeucute financing agree- ments, 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 to pay all or a portion of the costs of the acqui- sition, construction and installation of an industrial facility in Sanford for the manufacture of metal closures for the cos- metics industry including tools and dies therefor, consisting of the acquisition of land and a building from Mohasco Corp- oration on Rose Street and the renovation and equipping thereof (the "Project"); and WHEREAS, the Authority intends to file an application for approval of the Project with Secretary of the Department of Commerce (the "Department"), as required by the Act; and WHEREAS, Lee County is experiencing "Especially severe unemployment" as defined by NCAC Sub-Chapter 1E, Section .0303 (d) (2) (i), in that unemployment in the last calendar year averaged 8. 71/o; and WHEREAS, The County Board desires that the Secretary of the Department of Commerce approve the Project, notwith- standing the fact that the Company does not pay an average weekly manufacturing wage above the average in Lee County; and WHEREAS, the Department has, by regulation, pro- vided that no application for approval of a project will be officially received until the governing body of the County from which the application is made has, by regulation, 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 desires to approve the Project in principle; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the County of Lee, as follows: (1) The Project is hereby approved in principle.