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with the board. Mr. Pope explained the industrial revenue bonds
procedure for the board.
Mr. Steve Knier, represenative of the Valspar Corporation,
spoke regarding their plans in Iredell County.
No one else spoke for or against the issue.
At 7:00 P.M. Chairman Haire announced that the Board of
Commissioners for the county of Iredell (the "Board") would proceed
to hold a public hearing and would hear anyone who wished to be
heard (a) on the proposed issuance by The Iredell County Industrial
Facilities and Pollution Control Financing Authority (the
"Authority") of not exceeding $6,600,000 aggregate prinicpal amount
of its industrial development revenue bonds to finance a portion of
the cost of hte renovation of an existing building lcoated at 1931
Salisbury Road, Statesville, North Carollina and the installatin of
machinery and equipment herein for the manufacture of latex paints
(the "Project") and (b) on the proposed lending of the proceeds of
hte sale of the Bonds to The Valspar Corporation, a Delaware
corporation (the "Borrower").
It was stated that the Authoirty had adopted a resollution
expressing its intention to issue industrial development revenue
bonds and uathorizing the execution and delivery of a Memorandum of
Agreement pertaining to the financing of the Project. Copies of
the resolution and the Memorandum of Agreement were then submitted
to the Board.
The Clerk to the Board presented an affidavit of an officer of
The Statesville Record & Landmark. showing publication on March 6,
1995, a date at least 14 days prior hereto, of notice of the public
hearing. It was directed that the affidavid of publication be
attached to this extract of minutes as Exhibit A.
It was requested that the Clerk to the Baord inquire to
determine whether there were any persons who wished to speak at the
public hearing. The names and addresses of the persons who were
present and who offered comments on the proposed issuance of the
industrial develoment revenue bonds to finance the Project and a
summary of their comments are listed on Exhibit B.
After the Board had heard all persons hwo had requested to be
hear, Commissioner Haire moved that the public hearing be closed.
The motion was seconded by Commissioner Madison and was
unanimouisly adopted.
Chairman Haire announced that she had been advised that the
Authority intends to file an application with the Secretary of the
North Carolina Department of Commerce for approval of the Project.
Because such application for approval cannot, under regulations of
the Department of Commerce, be officially received until, among
other things, the Board approves the Project in principle, the
Authority has recommended and requested that the Board pass a
resolution approving the project in principle. Under procedures
adopted by the Department of Commerce, the Board must also
authorize the Authority to apply to the North Carolina Federal Tax
Reform Allocation Committee for an allocation of Unified Volume
Limitation for tax exempt private activity bonds with respect to
the bonds to be issued to finance the Project. Finally, Section
159C -4(d) of the North Carollina General Statutes requires the
Board to approve the issuance by the Authority of the bonds to be
issued to finance the Project.
Thereupon, Commissioner Haire introduced the following
resolution, a copy of which had been distributed to each
Commissioenr and the title of which appeared on the agenda:
RESOLUTION APPROVING IN PRINCIPLE A MANUFACTURING
PROJECT IN IREDELL COUNTY, NORTH CAROLINA, TO BE