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HomeMy WebLinkAboutC.054.93008_0647202 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