HomeMy WebLinkAboutC.054.93011_0527 (2)WHEREAS: Under G.S. § 159C-7 each project must be approved by the
Secretary of the Department of Commerce and, under Article 5 1 B of Chapter 143 of the
North Carolina General Statutes, the Federal Tax Reform Allocation Committee must
allocate a sufficient amount of North Carolina's "private activity bond limit," as defined
in Section 141 of the Internal Revenue Code of 1986, as amended (the "Code") to the
financing; and
WHEREAS: The Rules and Procedures of the North Carolina Department of
Commerce require that the governing body of a county approve in principle any project
to be financed under the Act; and
WHEREAS: This Board of Commissioners has today held a public hearing with
respect to the advisability of the Project and the issuance of bonds therefor, as
evidenced by the Certificate and Summary of Public Hearing attached hereto as Exhibit
A; and
WHEREAS: Section 147(f) of the Code requires that the Board of
Commissioners approve the plan of financing for the bonds; and
WHEREAS: The Authority intends to issue its Industrial Development Revenue
Bonds (C.R. Onsrud, Inc. Project), Series 2005 (the "Bonds") in the principal amount of
up to $4,000,000 which will either be secured by a letter of credit issued by a United
States bank or be privately placed with a qualified institutional investor; and
WHEREAS, under Section 159C-4 of the Act the issuance of bonds under the
Act must be approved by the governing body of the county in which the project to be
financed under the Act is located;
NOW, THEREFORE, the Board of Commissioners of Iredell County, meeting
in regular session at Statesville, North Carolina, on January 4, 2005, do the following:
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR IREDELL
COUNTY:
The proposed "industrial project" consisting of the acquisition, construction and
equipping of a facility to be used for the manufacture of computer controlled routing
machines in Iredell County and the issuance of bonds in an amount not to exceed
$4,000,000 therefor are hereby approved in principle.
The Board of Commissioners hereby requests the Federal Tax Reform
Allocation Committee to allocate up to $4,000,000 of North Carolina's 2005 "private
activity bond limit," as defined above for the financing of the Project.
The Board of Commissioners hereby approves the plan of financing as required
by Section 147(f) of the Code.
The issuance of the Bonds in the principal amount of $4,000,000 is hereby
approved for purposes of Section 159C-4 of the Act.
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Chairman Tice Eove the passage of the foregoing resolution and Vice
Chairman Godfrey Williams seconded the motion. The resolution was passed by the
following vote:
Ayes: Commissioners Tice, Williams, Johnson, Norman, and Robertson.
Nays: 0
Chairman Tice declared the meeting to be in a public hearing.
Rezoning Request; James H. Lanier, Phyllis L. Plyler, Carolyn L. Shives &
Martha R. Lynch Property, Case No. 0412-1: Kristie Phillips -Bannister, Applicant
Requests To Rezone Property from Residential Agricultural to Highway Business