HomeMy WebLinkAboutC.054.93009_0853FINANCED FOR THE VALSPAR CORPORATION BY NOT EXCEEDING
$6,600,000 AGGGREGATE PRINCIPAL AMOUNT OF BONDS OF
THE IREDF.LL COUNTY INDUSTRIAL FACILITIES AND POLLUTION
CONTROL FINANCING AUTHORITY, AUTHORIZING THAT AUTHORITY TO
APPLY TO THE NORTH CAROLINA FEDERAL TAX REFORM ALLCOATION
COMMITTEE FOR AN ALLOCATION OF UNIFIED VOLUME LIMITATION,
AND APPROVING THE ISSUANCE OF SUCH BONDS.
BE IT RESOLVED by the Board as follows:
Section 1. The proposed manufacturing project in Iredell
County, North Carollina, to be financed for The valspar Corporation
(the "Borrower") by not exceeding $6,600,000 aggregate principal
amount of bonds of the Authority is hereby approved in principle.
Section 2. The Board hereby requests that the north Carolina
Federal Tax Reform Allocation Committee allocate $6,600,000 of the
State of North Carolina Unified Volume Limitation of tax exempt
private activity bonds imposed by the Tax Reform Act 1986, as
amended, for the industrial revenue bonds and Project described
above, which allocation it is acknowledged will revert in whole or
in part tothe statewide allcoation if bonds for this Project are
not issued prior to the termination date of the allocation, and the
Chairman or the Vice Chairman of the auhtority is hereby authorized
and directed to make application to the Secretary of the North
Carolina Department of Commerce for such allocation.
Section 3. Pursuant to and in satisfaction of the
requirements of Section 159C -4(d) of the General Statutes of North
Carolina, the Board hereby approves the issuance by the Authoirty
of the bonds described herein.
Section 4. The Clerk to the Board is directed to file a
certified copy of this resolution with the Department of Commerce.
Section 5. This resolution shall take effect immediately upon
its passage.
Commissioner Johnson moved passage of the foregoing
resolution. Commissioner Madison seconded the motion, and the
resolution was passed by the following vote.
Ayes: Commissioners haire, Boone, Johnson, Madison
Noes: None
Abstaining: None
RELEASES AND REFUXDB - EORTE OF FEBRUARY 1995: Mr. Brent
Weisner, Tax Assessor, presented the releases and refunds for
February 1995, and stated they were in order for board approval.
MOTION from Commissioner Boone to approve the list as
presented.
VOTING: Ayes - 4; Nays - 0.
The following is the list approved.
RELEASES AND REFUNDS FOR FEBRUARY 1995
REFUNDS
Alan Sharpe and Teri Beam
204 Beam Farm Road
Statesville, NC 28677 40.78
5
MAR 2110 Wx)