HomeMy WebLinkAboutC.054.93008_2098 (2)MINUT E9 COUNTY BOARD Of COMMISSIONER$,, ,
MAY 19, 1992 - REGULAR MEETING
The Iredell County Board of Commissioners met in Regular Session on Tuesday evening, May 19,
1992, 7;30 p.m., Commissioners' meeting Room, Iredell County Government Center, 200 South Center
Street, Statesville, NC. Those present for the meeting were:
R. B. Sloan, Jr., Chairman
Sara K. Haire, Vice Chairman
Doug Madison
Frank Mitchell
Alice M. Stewart
Staff present: Joel Mashburn, County Manager
William P. Pope, County Attorney
Alice Fortner, Clerk to the Board
Susan Goodman, Finance Director
Jerry Lundy, Director of Services and Development
Carson Fisher, Engineer
CALL TO ORDER: Chairman Sloan
INVOCATION: The Reverend Tim Smith, Pastor
Christ Boulevard United Methodist Church
Statesville, NC 28677
PLEDGE OF ALLEGIANCE
PUBLIC HEARING
THORNEBURG HOSIERY COMPANY, INC., d/b/a THOR-L0: Mr. Ted Melton representing Thor -Lo,
described the industrial revenue project being planned for this company.
Mr. William P. Pope, County Attorney, also discussed the project.
No one else present spoke for or against the project.
NORTH CAROLINA DEPARTMENT OF TRANSPORTATION - SECONDARY ROAD PROJECT: Dean Proctor from the
Board of Transportation, Jim Rand, District Engineer of District 2, Division 12, and Bruce Taylor,
Engineering Department, were present in reference to the 1992-93 Secondary Road Program.
Mr. Proctor introduced his staff and said he and his staff were available to answer questions
regarding their program for the coming year.
No one present spoke in regard to the Secondary Road Program.
Chairman Sloan closed the public hearing.
THORNEBURG, INC., INDUSTRIAL BONDS:
William P. Pope, County Attorney, announced that he had been advised that the Authority intends
to file an application with the Secretary of the North Carolina Department of Economic and Community
Development for approval of the Project. Because such application for approval cannot, under
regulations of the Department of Economic and Community Development, be officially received until,
among other things, the Board approves the Project in Principle, the Authority has recommended and
requested that the Board pass a resolution approving the Project in Principle. Under procedures
adopted by the Department of Economic and Community Development, the Board must also authorize the
Authority to apply to the North Carolina Federal Tax Reform Allocation Committee for an allocation
of Unified Volume Limitation for tax exempt private activity bonds with respect to the bonds to be
issued to finance the Project. Finally, Section 159C -4(d) of the North Carolina General Statutes
requires the Board to approve the issuance by the Authority of the Bonds.
Thereupon, Commissioner Sloan 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 IN PRINCIPLE A MANUFACTURING PROJECT FOR
IREDELL COUNTY, NORTH CAROLINA, TO BE FINANCED FOR THORNEBURG
HOSIERY CO., INC. d/b/a THOR-1-0, INC., BY NOT EXCEEDING $5,000,000
AGGREGATE PRINCIPAL AMOUNT OF BONDS OF THE IREDELL COUNTY
INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY,
AUTHORIZING THAT AUTHORITY TO APPLY TO THE NORTH CAROLINA
FEDERAL TAX REFORM ALLOCATION COMMITTEE FOR AN ALLOCATION OF
UNIFIED VOLUME LIMITATION, AND APPROVING THE ISSUANCE OF
THE BONDS.
BE IT RESOLVED by the Board as follows:
Section 1. The proposed manufacturing project in Iredell County, North Carolina, for Thorne -
burg Hosiery, Co., Inc. d/b/.a/ Thor -Lo,, Inc. (the "Borrower") to be financed for the Borrower by not
exceeding $5,000,000 aggregate principal amount of bonds of the Authority is hereby approved in
principle.
Section 2. The Board hereby requests that the North Carolina Federal Tax Reform Allocation
Committee allocate $5,000,000 of the State of North Carolina Unified Volume Limitation of tax exempt
private activity bonds imposed by the Tax Reform Act 1986, as amended, for the industrial revenue
bonds and Project described above, which allocation it is acknowledged will revert in whole or in
part to the statewide allocation if bonds for this project are not issued prior to the termination