HomeMy WebLinkAboutC.054.93009_0945(herein referred to as the "Authority") has met and taken the
following action in connection with the proposed issuance and sale
of the Authority's Industrial development Revenue Bonds, series
1995 (Purina Mills, Inc. Project) (the "Bonds"), in the aggregate
principal amount of not in excess of $9,100,000:
(1) approved the form of Loan Agreement, to be dated as
of June 1, 1995 (the "Loan Agreement"), between the Issuer and
Purina Mills, Inc. (the "Company"), including the form of
promissory note (the "Note") attached as Exhibit A thereto;
(2) approved the form of Indenture of Trust, to be dated
as of June 1, 1995 (the "Indenture"), by and between the
Issuer and Norwest Bank Minnesota, National Association, as
trustee (the "Trustee");
(3) approved the form of Letter of Credit, to be dated the
date of delivery of the Bonds (the "Letter of Credit") from
The Bank of Nova Scotia, Atlanta Agency, as issuer of the
Letter of Credit (the "Bank");
(4) approved the form of Reimbursement Agreement, to be dated
as of June 1, 1995 (the "Reimbursement Agreement"), between
the Company and the Bank;
(5) approved the form of Remarketing Agreement, to be dated
as of June 1, 1995 (the "Remarketing Agreement"), between
the Company and The First National Bank of Chicago (the
"Remarketing Agent");
(6) approved the form of Offering Agreement, to be dated
the date of delivery thereof (the "Offering Agreement"),
among the Issuer, the Company and the Remarketing Agent;
and
(7) approved the form of Preliminary Offering Memorandum,
to be dated the date of delivery thereof, to be used in
connection with the offering and sale of the Bonds.
(b) The Board of Commissioners for the County of Iredell has
reviewed the action to be taken by the Board of Commissioners of
the Authority in connection with the issuance and sale of the Bonds
and has made such other examination and investigation as it deems
necessary and relevant as the basis for the approval set forth
herein.
Section 2. Pursuant to and in satisfaction of the
requirements of Section 159C -4(d) of the General Statutes of North
Carolina, the Board of Commissioners for the County of Iredell
hereby approves the issuance by the Authority of its Industrial
Development Revenue Bonds, Series 1995 (Purina Mills, Inc. Project)
in the aggregate principal amount of not in excess of $9,100,000.
Section 3. This resolution shall take effect immediately upon
its passage.
SECOND: Commissioner Boone.
VOTING: Ayes - 5; Nays - 0.
BUDGET ANENDNENTS #36, #37,: Mrs. Susan Blumenstein presented
the budget amendments and explained the purpose for the amendment
as follows:
#36 Elections Grant to be used to purchase a specialized
filing system for the additional registration cards that are being
received.
#37 To recognized and appropriate Seized Funds and
Forfeitures.
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