2007 - 11-05-07 Regular Meeting - Laserfiche WebLink

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na 21 MF 892 WHEREAS, this Board of Commissioners today has held a public hearing with respect to the advisability of the Project and the issuance of bonds therefor, as evidenced by the Certificate and Summary of Public Hearing attached hereto as Exhibit A, and WHEREAS, the Authority intends to issue its Industrial Development Revenue Bonds (the Solus-System Plast, LLC Project), Series 2007 (the "Bonds") in the principal amount of up to 510,000,000 which either will be secured by a letter of credit issued by a United States bank or be privately placed with a qualified institutional investor; and WHEREAS. Section 147(F) of the Code requires that the Board of Commissioners approve the plan of financing for the bonds; and WHEREAS, under Section 159C-4 of the Act the issuance of bonds under the Act must be approved by the governing body of the county in which the project to be financed under the Act is located; NOW, THEREFORE, the Board of Commissioners of Lee County, meeting in regular session at Sanford, North Carolina, on November 5, 2007, does the following: BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR LEE COUNTY: 1. The proposed "industrial project" consisting of the acquisition, construction and equipping of a facility to be used for the manufacture of conveyor systems and related products in Lee County and the issuance of bonds in an amount not to exceed $10,000,000 therefor are hereby approved in principle. 2. The Board of Commissioners hereby requests the Federal Tax Reform Allocation Committee to allocate up to $10,000,000 of North Carolina's 2007 "private activity bond limit," as defined above for the financing of the Project. I The Board of Commissioners hereby approves the plan of financing as required by Section 147(f) of the Code. 4. The issuance of the Bonds in the principal amount of $10,000,000 is hereby approved for purposes of Section 159C-4 of the Act. Commissioner 1 eaunond moved the passage of the foregoing resolution and Commissioner Reives seconded the motion, and the resolution was passed by the following vote: Ayes: Commissioners Brown, Kelly, Lemmond, Paschal, Reives, Shook & Smith Nays: None Not voting: