HomeMy WebLinkAboutC.054.93009_0843 (2)Board of Commissioners on February 20, 1995 stating that the Board
would hold a public hearing on March 7, 1995, on the proposed
revenue bond issue and the Project (the "Notice").
Commissioner Haire moved that the Board ratify the publication
of the notice and designate this meeting as a public hearing on the
revenue bond issue and the Project. The motion was seconded by
Commissioner Madison and was unanimously adopted.
At seven o'clock P.M., Chairman Haire announced that the Board
would hear anyone who wished to be heard on the advisability of
issuing the revenue bonds and the Project.
Mr. Roy Smart III, a representative of the Company, gave a
brief description of the proposed Project. The presiding officer
then recognized such persons, if any, who appeared either in person
or by attorney, to be heard on the question of the advisability of
the proposed Project or the issuance of said bonds. The Clerk to
the Board of Commissioners reported that no written comment about
the proposed Project or the related bond issue had been received.
The names and addresses of the persons who were present and
summaries of their comments are as follows:
No comments made by anyone; no written comments received.
After the Board had heard all persons who requested to be
heard, Commissioner Haire moved that the public hearing be closed.
The motion was seconded by Commissioner Madison and was unanimously
adopted.
William P. Pope, County Attorney, stated that under the
Internal Revenue Code of 1986, as amended, the Board must approve
the issuance of the Authority's qualified small issue industrial
revenue bonds if the interest thereon is not to be includable in
the gross income of the owners thereof for the purpose of federal
income taxation.
Commissioner Haire introduced the following resolution which
was read out loud:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY
INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING
AUTHORITY OF NOT EXCEEDING $10,000,000 AGGREGATE PRINCIPAL
AMOUNT OF ITS QUALIFIED SMALL ISSUE INDUSTRIAL REVENUE BONDS
TO FINANCE AN INDUSTRIAL AND MANUFACTURING PROJECT IN
IREDELL COUNTY, NORTH CAROLINA, FOR PURINA MILLS, INC., AND
APPROVING SUCH PROJECT IN PRINCIPLE.
WHEREAS, the Board of Commissioners for the County of Iredell
has created a political subdivision and body corporate and politic
of the State of North Carolina known as "The Iredell County
Industrial Facilities and Pollution Control Financing Authority"
(the "Authority"); and
WHEREAS, the Authority is authorized under the Industrial and
Pollution Control Facilities and Financing Act, Chapter 159C of the
General Statutes of North Carolina, as amended (the "Act"), to
issue industrial revenue bonds for the purpose, among others, of
paying all or any part of the cost of any industrial or pollution
control project for industry; to acquire, construct, improve and
equipment any such project; and to make and execute financing
agreements, security documents and other contracts and instruments
necessary or convenient in the exercise of such powers; and
WHEREAS, the Authority has determined to issue not exceeding
$10,000,000 aggregate principal amount of its qualified small issue
industrial revenue bonds to pay all or a portion of the costs of
the construction and equipping of a manufacturing facilities
located in Iredell County, North Carolina, and the acquisition and
installation of machinery and equipment in such facility for the
manufacture of animal feed products (the "Project"), located at the
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