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terminus of MCNess Road (State Road 2361) approximately 700 feet
South of the intersection of McNess Road and Highway 70E (Salisbury
Road) in Iredell County, North Carolina, to be owned and operated
by Purina Mills, Inc., a Delaware corporation, the interest on said
bonds to be excludable from gross income of the owners thereof for
purposes of federal income taxation by virtue of the provisions of
Section 103 of the Internal Revenue Code of 1986, as amended, or
any successor thereto; and
WHEREAS, the Authority intends to file an application for
approval of the Project with the Secretary of the Department of
Commerce (the "DOC"), as required by the Act; and
WHEREAS, the DOC has, by regulation, provided that no
application for approval of a project will be officially received
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 revenue bonds and approved in principle the
proposed project and a certified copy of such resolution has been
provided to the DOC; and
WHEREAS, the Project will be located wholly within Iredell
County; and
WHEREAS, the Board of County Commissioners, pursuant to public
notice duly given, has held a public hearing on the proposed
qualified small issue industrial revenue bond issue and Project and
has considered the comments of persons who requested to be heard;
and
WHEREAS, the Board of Commissioners desires to approve the
issuance of the qualified small issue industrial revenue bonds and
approve the Project in principle;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners for the County of Iredell as follows:
(1) The issuance of qualified small issue industrial revenue
bonds by the Authority in an aggregate principal amount not
exceeding $10,000,000 to finance the Project is hereby approved.
(2) The Project is hereby approved in principle.
(3) The Clerk to the Board of Commissioners is hereby
authorized and directed to provide a certified copy of this
resolution to the DOC.
(4) The Board of County Commissioners hereby requests that
the State of North Carolina, pursuant to Chapter 588 of the 1987
North Carolina General Sessions Laws, or any other executive order
or legislation relating to volume limitations on tax-exempt
financing, allocate to the above-described qualified small issue
industrial revenue bonds and Project $10,000,000 of "unified volume
limitations" (as described in said Session Laws or in any such
other executive order or legislation), and acknowledges that any
such allocation shall be only for purposes of said Project and that
any portion of such allocation not utilized in connection with such
bonds and Project or which terminates or expires as provided in
said Session laws will, without further action, revert to the State
of North Carolina, and there is hereby approved the application by
the Authority for such an allocation.
(5) This resolution shall take effect immediately upon its
passage.
Commissioner Madison moved passage of the foregoing resolution
and Commissioner Boone seconded the motion and the resolution was
passed by the following vote:
Ayes: Madison, Boone, Haire, Johnson, and Stewart
Nays: None