HomeMy WebLinkAboutC.054.93008_0612167
45,300 sugare foot industrial building on an approximately 118 acre site owned by
Ingersoll-Rand Company, located approixmately one mile east of Exit 30 on Interstate
77 off Beaty Street near the Town of Davidson, in Iredell County, North Carolina and
the acquisition and installation therein of certain machine tools and materials
handling equipment for the manufacture of air compressors (the "Industrial Project").
The Industrial Project is to be owned and operated by Ingersoll-Rand Company, a New
Jersey corporation (the "Company").
The Chairman stated that the Authority had adopted a resolution expressing its
intention to issue industrial development revenue bonds and authorizing the execution
and delivery of a memorandum of agreement pertaining to the financing of the Indus-
trial Project for the Company. The Chairman then submitted copies of the resolution
and the memorandum of agreement to the Board.
The Clerk to the Board presented an affidavit of an officer of the Statesville
„ Record and Landmark showing publication in the Statesville Record and Landmark on
November 8, 1983, a date at least 14 days prior hereto, of notice of the public
hearinq. The Chairman directed that the affidavit of publication be attached to
this extractof minutes as Exhibit A.
The Chairman requested that the Clerk to the Board inquire elsewhere in and
around the Statesville City Club to determine whether there were any other perons
who wished to speak at the public hearing. The Clerk to the Board returned after
amking such inquiry to report that no other persons who wished to speak at the
public hearing were found. The names and addresses of the persons who were present
and who offered comments on the proposed issuance of the industrial development re-
venue bonds to finance the Industrial Project are as follows:
(A transcript of (A copy of the prepared testimony of)
(A summary of the testimony of) N/A is appended as Exhibit B.)
i
At 12:30 P.M. (at least 15 minutes after the time shown on page 1 as the time
of the start of the public hearing), the Chairman requested that the Clerk to the
Board inquire again elsewhere in and around the Statesville City Club to determine
whether there were any other persons who wished to speak at the public hearing. The
Clerk to the Board returned after making such inquiry to report that no other per-
sons who wished to speak at the public hearing were found.
After the Board had heard all persons who had requested to be heard, Commissioner
Murdock moved that the public hearing be closed. The motion was seconded by
Commissioner Campbell and was unanimously adopted.
The Chairman stated that under the Internal Revenue Code of 1954, as amended,
the Board must approve the issuance of the Authority's industrial development revenue
bonds if the interest thereon is to be exempt from federal income tax.
Commissioner Troutman then introduced the following resolution, a copy of which
was distributed to each Commissioner:
n
u