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

Home Browse Search

6 bk 10 83 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 revenue bonds in the aggregate principal amount of $1, 000, 000 (the "Bonds"), to finance the acquisition, construction and install- ation of certain industrial facilities in Sanford (the "Project") and to loan the proceeds of the Bonds to William H. Rorer, Inc. ; and WHEREAS, the Board has heretofore approved the Project in principle; and WHEREAS, the Act provides that no bonds shall be issued thereunder unless the issuance thereof shall have been approved by the governing body of the County and the Board desires to approve the issuance of the Bonds by the Authority; and WHEREAS, the Board has considered the Bond Purchase Agreement presented to it setting forth the terms of the revenue bond financing: NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the County of Lee, as follows: (1) The issuance of the Bonds by the Authority is hereby approved. (2) The Clerk of the Board of Commissioners is hereby authorized and directed to provide certified copies of this reso- lution to the Local Government Commission, Department of Commerce of North Carolina and Bond Counsel. (3) This resolution shall take effect immediately upon its passage.