1981 - 04-21-81 Regular Meeting - Laserfiche WebLink

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The County Manager presented for consideration, the contract between the County and Cooper Oil Company, for improvements at the Sheriff's Department office building. The contract had been prepared by the Architect in keeping with the bids taken by the Board previously. Commissioner Lila P. Nielsen moved that the Contract be approved and. the Chairman authorized to execute the same for and on behalf of the County. Commissioner Jack D. Funderburke seconded the motion and upon a vote it was unanimously adopted. The Chairman brought up for consideration the nominations for appointment to the Lee County Social Services Board. Mr. Bobby L. Hurley is /currently serving under appointment by the County Commissioners and is not / eligible for re-appointment. Commissioner John E. Dotterer moved that Mr. Glen York be nominated for appointment to the Lee County Social Services Board. Comm- issioner Jack D. Funderburke seconded the motion and upon a vote it was unanimously adopted. The Chair next announced that the term of Mr. James Bridges as a~Trustee of Central Carolina Technical College will expire on June 30, 1981. Comm- L'~issioner Jack D. Funderburke moved that Mr. James Bridges be re-appointed for an additional term as a Trustee of Central Carolina Technical College. Commissioner John E. Dotterer seconded the motion and upon a vote it was unanimously adopted. The Chairman of the Lee County Industrial Facilities and Pollution Control Financing Authority appeared before the Board and advised the Board that the Authority had adopted a bond resolution authorizing the issuance of revenue bonds in the aggregate principal amount of $1, 000, 000 to finance industrial facilities in the County for William H. Rorer, Inc. (the "Company"). He delivered to the Board the form of Bond Purchase Agreement among the Authority, the Company and the Under- writer, Goldman, Sachs & Co. , and advised the Board that drafts of other basic financing documents, including a Trust Indenture between the Authority and Girard Bank, as Trustee, a Loan Agreement between the Authority and the Company and a Guaranty Agreement between Rorer Group, Inc. , and the Trustee, were available for inspection in the office of the Clerk of the County Board. He further stated that the Bond Purchase Agreement set forth the terms of the revenue bond financing, including the proposed issuance and sale of the bonds to the Underwriter at a price of 98. 65% of the principal amount thereof plus accrued interest and requested that the Board approve the issuance of the bonds. After discussion, Commissioner John E. Dotterer 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