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HomeMy WebLinkAboutC.054.93008_1105 (2)658 Section 3. The Board of Commissioners for the County of Iredell hereby acknowledges that (a) the County, the Authority and all other issuers on behalf of the county have issued during the calendar year 1986 no more than an aggregate principal amount of $1,250,000 of "private activity bonds" within the meaning of the proposed Tax Reform Act of 1986 (H.R. 3838) and (b) the County has previously assigned for any such bonds which have not yet been issued nor more than $1,250,000 of its volume cap under H. R. 3838 for the calendar year 1986. The Board of Commissioners for the County of Iredell hereby assigns $4,000,000 of its presently available volume cap under H. R. 3838 for the calendar year 1986 to the Authority for the purpose of issuing the Bonds, provided that such allocation may be used only for the purpose of issuing the Bonds and that any portion of said allocation in excess of the amount of the Bonds issued by the Authority within 120 days from the date of effectiveness of this resolution shall, without further action, revert to the County. The Chairman and the Vice Chairman of this Board of Commissioners are hereby authorized to confirm such assignment by executing and delivering to the Authority an Assignment in substantially the form presented to the Board of Commissioners at this meeting. Section 4. This resolution shall take effect immediately upon its passage. Commissioner Crosswhite moved the passage of the foregoing resolution, seconded by Commissioner Murdock, and the resolution was passed by the following vote: Ayes: Commissioners Mills, Crosswhite, Murdock, and Stewart Nays: None Absent: Chairman Hedrick APPROVAL OF KENNEDY COVINGTON LOBDELL & HICKMAN, CHARLOTTE LAN FIRM, TO ACT AS BOND COUNSEL FOR THE ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR FAME PLASTICS, INC.: Chairman Mills announced that the members of the Board had been presented with a Statement of Qualification of the law firm of Kennedy Covington Lobdell & Hickman to act as Bond Counsel in connection with the financing of a manufactu- ring facility in behalf of Fame Plastics, Inc., a North Carolina corporation ("Fame Plastics"), under Chapter 159C of the North Carolina General Statutes. The Chairman stated that the Board of Commissioners of The Iredell County Industrial Facilities and Pollution Control Finanancing Authori- ty (the "Authority') had recommended approval of the firm to the Board of Commissioners of Iredell County. There followed a general discussion regarding the qualification of the firm of Kennedy Covington Lobdell & Hickman. Thereafter, Commissioner Mills introduced the following resolution, a copy of which had been distributed to each Commissioner and the title of which appeared on the agenda: RESOLUTION APPROVING THE LAW FIRM OF KENNEDY COVINGTON LOBDELL & HICKMAN, CHARLOTTE, NORTH CAROLINA, TO ACT AS BOND COUNSEL IN CONNECTION WITH THE ISSUANCE BY THE IREDELL COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF BONDS IN BEHALF OF FAME PLASTICS, INC. PURSUANT TO CHAPTER 159C OF THE NORTH CAROLINA GENERAL STATUTES. BE IT RESOLVED, by The Board of Commissioners of Iredell County (the "Board"), as follows: Section 1. The Board has reviewed in detail the Statement of Qualification of Kennedy Coving- ton Lobdell & Hickman to act as Bond Counsel, a copy of which is attached to and made a part of this resolution, and based thereon and on the recommendation of the Authority as set forth in the resolu- tion of the Authority attached hereto, the Board finds as follows: 1. Kennedy Covington Lobdell & Hickman is a law firm with offices in Charlotte, North Carolina and Rock Hill, South Carolina, and has capabilities in each of the following areas: (a) North Carolina municipal law including, in particular, Chapter 15:C of the North Carolina General Statutes, the Industrial and Pollution Control Facilities Financing Act; (b) Municipal finance and municipal securities law; (c) Corporate finance and corporate securities law; and (d) Tax law including Section 103 of the Internal Revenue Code. 2. Kennedy Covington Lobdell & Hickman is prepared to render an independent unqualified approving opinion as to the validity of bonds issued by the Authority and as to the exemption of iterest on the bonds from North Carolina and Federal income tax. 3. Kennedy Covington Lobdell & Hickman has indicated that it will not permit to exist a situation in which it will have a conflict of interest in serving as Bond Counsel. 4. The basis upon which Kennedy Covington Lobdell & Hickman fixes legal fees is reasonable and acceptable to the Board. Section 2. On the basis of the foregoing, the Board hereby finds it is in the best interest of '