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Finance An Industrial Project for, LOF Plastics, Inc. and Approving the Industrial
Project.
MOTION from Commissioner Campbell, second from Commissioner Mills, to adopt the
following resolution:
WHEREAS, the Board of Commissioners for the County of Iredell (the "Board") 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 Financing Act, Chapter 159C of the General Statutes of North Carolina, as
amended (the "Act"), to issue industrial development revenue bonds for the purpose,
among others, of paying all or any part of the cost of any industrial or pollution
control project for inudstry; to acquire, construct, improve and equip any such pro-
ject; and to make and execute financing agreements, security documents and other con-
tracts and instruments necessary or convenient in the exercise of such powers; and '
WHEREAS, The Authority has determined to issue not exceeding $4,000,000 aggregate
principal amount of its industrial development revenue bonds to pay all of the costs
of the expansion of an existing industrial facility located at the intersection of
State Road 1254 and N. C. Highway 115 South in Coddle Creek Township, in Iredell
County, NOrth Carolina, such expansion to include the construction of an approximate-
ly 40,000 square foot building and the acquisition and installation therein of
machinery and equipment for the manufacture of molded plastic products (the "Indus-
trial Project"), which Industrial Project is to be owned and operated by LOP Plas-
tics, Inc., a New Jersey corporation (the "Company"), a wholly-owned subsidiary of
.Libby -Owens -Ford Company, an Ohio corporation; and
WHEREAS, the Authority intends to file an application for approval of the Indus-
trial Project with the Secretary of the Department of Commerce (the "Department"), as
.required by the Act; and
WHEREAS, the Department has, by regulation, provided that no application for
approval of a proposed industrial project by the Department will be officially re-
ceived until the governing body of the county from which the application is made has,
by resolution after having held a public hearing, approved the issue of industrial
project and a certified copy of such resolution has been provided to the Department;
and
WHEREAS, the Board,
pursuant to public notice duly given, has held a public
hearing on the proposed
industrial development
revenue bond issue and Industrial Pro-
ject and has considered
the comments of persons
who requested to be heard; and
WHEREAS, the Board,
pursuant to public notice
duly given, has held a public
hearing on the proposed
industrial development
.revenue bond issue and Industrial
Project has considered the
comments of persons
who requested to be heard; and
WHEREAS, the Board
desires to approve the
issuance of industrial development
revenue bonds and the Industrial
Project; NOW,
THEREFORE