HomeMy WebLinkAboutC.054.93008_1642 (2)2. The Board of Commissioners hereby requests the Federal Tax Reform Allocation Committee to
allocate up to $4,500,000 of North Carolina's 1989 "private activity bond limit," as defined above
for the financing of the Project.
3. The Board of Commissioners hereby approves the plan of financing as required by Section
147(f) of the Code.
4. Messrs. Hunton & Williams, Raleigh, North Carolina, shall act as Bond Counsel in connection
with the issuance of the bonds.
VOTING: Ayes - 5: Nays - 0.
CAIRN STUDIO, LTD., APPROVAL IN PRINCIPLE: MOTION from Commissioner Stewart to approve the
Approval in Principle documents for the Cairn Studio, Ltd., industrial revenue bond project in the
amount of $2 million and approve the resolution as follows:
APPROVAL IN PRINCIPLE OF INDUSTRIAL PROJECT FOR
CAIRN STUDIO LIMITED
AND THE FINANCING THEREOF WITH
INDUSTRIAL REVENUE BONDS IN A PRINCIPAL
AMOUNT OF UP TO $2,000,000
WHEREAS, The Iredell County Industrial Facilities and Pollution Control Financing Authority
(the Authority) has agreed to assist in the financing under the North Carolina Industrial and
Pollution Control Facilities Financing Act (the Act) of an industrial project by Cairn Studio
Limited, a North Carolina corporation (the Company), to acquire, construct and equip an addition to
its existing manufacturing facility in Iredell County (the Project) and has indicated that agreement
- by the execution of an Inducement Agreement between the parties dated as of August 31, 1989, and;
WHEREAS, Under G.S. 159C-7 each project must be approved by the Secretary of the Department of
Economic and Community Development (formerly the Department of Commerce) and, under Chapter 588 of
the 1987 North Carolina Session Laws, the Federal Tax Reform Allocation Committee must allocate a
sufficient amount of North Carolina's "private activity bond limit," as defined in Section 141 of
the Internal Revenue Code of 1986, as amended, (the Code) to the financing; and
WHEREAS, The Rules and Procedures of the North Carolina Department of Economic and Community
Development require that the governing body of a county approve in principle any project to be
financed under the Act; and
WHEREAS, This Board of Commissioners has today held a public hearing with respect to the
advisability of the Project and the issuance of bonds therefor; and
WHEREAS, Section 147 (f) of the Code requires that the Board of Commissioners approve the plan
of financing for the bonds; and
WHEREAS, the County Attorney has recommended that Messrs. Hunton & Williams, Raleigh, North
Caorlina, be hired as bond counsel for this issue;
NOW, THEREFORE, the Board of Commissioners of Iredell County, meeting in regular session at
Statesville, North Carolina, on November 7, 1989, do the following:
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY OF IREDELL:
1. The proposed "industrial project" consisting of the acquiring, constructing and equipping
of an addition to an existing manufacturing facility in Iredell County to be owned and operated by
the Company and the issuance of bonds in an amount not to exceed ';2,000,000 is hereby approved in
'- principle.
2. The Board of Commissioners hereby requests the Federal Tax Reform Allocation Committee to
allocate up to $6,000,000 of North Carolina's 1989 "private activity bond limit," as defined above
for the financing of the Project.
3. The Board of Commissioners hereby approves the plan of financing as required by Section
147(f) of the Code.
4. Messrs. Hunton & Williams, Raleigh, North Carolina, shall act as Bond Counsel in connection
with the issuance of the bonds.
VOTING: Ayes - 5; Nays - 0.
MARY L. & RUTH M. REID PROPERTY REZONING: MOTION from Commissioner Murdock to approve the
rezoning request for property located on SR 1109, Williamson Road, between Catalina Road and
Ponderos Road, near I-77, more specifically described as Lots 4 & 1B, Block A, of Iredell County Tax
Map 2H. The property is to be rezoned from RA to CB, with the exception of a strip 200' wile along
Ponderosa Road.
VOTING: Ayes - 5; Nays - 0.
CLARENCE W. KEIPER, AGENT FOR LAWRENCE M. REID: MOTION from Commissioner Crosswhite to approve
the rezoning for property located on SR 1109, Williamson Road, between Catalina Road and Ponderosa
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