HomeMy WebLinkAboutC.054.93008_1620and performance of the Trust Indenture dated as of
September 1, 1989 (the "Trust Indenture"), from the
Authority to Mellon Bank, N.A. as Trustee (the
"Trustee") providing for the sale of the Bonds;
(3) approved and authorized the execution, delivery
and performance of the Loan Agreement, dated as of
September 1, 1989, between the Authority and Jet
Corr, Inc. the "Company") with the form of the
Company's Promissory Note dated as of September 1,
1989 (the "Note") attached as Exhibit "A" thereto;
(4) approved the form of the Note and authorized
the endorsement thereof without recourse to the order
of and the pledge thereof to the Trustee;
(5) approved and authorized the execution, delivery
and performance of the Placement and Remarketing
Agreement, dated as of September 1, 1989, among the
Authority, the Company and NCNB National Bank of
North Carolina, as Remarketing Agent (the "Remarketing
Agent");
(6) approved and authorized the execution, delivery
and performance of the Letter Agreement, dated as of
September 1'1989'
among the Authority, the company,
and Trustee and Mellon Bank, N.A., as Securities
Depositary;
- (7) approved and authorized the execution, delivery
and performance of the Interest Service Agreement,
dated as of September 1, 1989, among the Authority,
the Company and the Remarketing Agent;
(8) approved the form of each of the Letter of Credit
Reimbursement Agreement (the "Reimbursement Agreement")
dated as of September 1, 1989, the Security Agreement
dated as of September 1, 1989, the Deed of Trust dated
as of September 1, 1989, the Guaranty Agreement dated
as of September 1, 1989, and the Letter of Credit issued
under the Reimbursement Agreement;
(9) approved and authorized the execution, delivery
and performance of various other documents and instruments,
dated as of September 1, 1989 and by the Authority in
connection with the issuance and sale of the Bonds;
(10) Approved the forms of the various other documents
and instruments dated as of September 1, 1989 to be
executed and delivered in connection with the issuance
and sale of the Bonds;
(b) The Board of Commissioners for the County of Iredell has reviewed
the action taken by the Board of Commissioners of the Authority
in connection with the issuance and sale of the Bonds and has made
such other examination and investigation as it deems necessary and
relevant as the basis for the approval set forth herein.
Section 2. Pursuant to and in satisfaction of the requirements of Section 159C -4(d) of the
General Statutes of North Carolina, the Board of Commissioners for the County of Iredell hereby
approves the issuance by the Authority of the Authority's Industrial Revenue Bonds (Jet Corr, Inc.
Project) in the aggregate principal amount of $8,800,000.
Section 3. This resolution shall take effective immediately upon its passage.
VOTING: Ayes - 5; Nays - 0.
ADJOURN: Chairman Sloan adjourned the meeting at 9:30 p.m. Next meeting: September 18, 1989,
3:00 p.m., Agricultural Center Conference Rooms 1 & 2, Statesville, NC, for the Agenda Briefing.
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APPROVED:
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