HomeMy WebLinkAboutC.054.93009_1110Iredell County, North Carolina, and the acquisition and
installation therein of machinery and equipment for the
manufacture of finished ground metal components (the "Project")
to be owned and operated by The Sullivan Corporation, a Wisconsin
corporation (except the land and building portion will be owned
by Gartland Real Estate Company, an affiliate of the Company, and
leased to The Sullivan 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 industrial revenue bond issue and Project and has
considered the comments of persons who requested to be heard; and
WHEREAS, the Board of County Commissioners desires to
approve the issuance of the industrial revenue bonds and approve
the Project in principle;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of the County of Iredell as follows:
(1) The issuance of industrial revenue bonds by the
Authority in an aggregate principal amount not exceeding
$3,000,000 to finance the Project is hereby approved.
(2) The Project is hereby approved in principle.
(3) The Clerk of 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 143-433.7 of the General
Statutes of North Carolina, or any other legislation or executive
order relating to volume limitations on tax-exempt financing,
allocate to the above-described industrial revenue bonds and
Project $3,000,000 of "unified volume limitation" (as described
in said Statutes or in any such other legislation or executive
order), 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 Statutes will,
without future 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.
REQUNBT OF IREDELL-STATEBVILLE BCROOL SYSTEM FOR GENERAL
OBLIGATION BOND "LECTION (BPRING 1995)s Mr. Bill Long, Chairman
of the I -S School System, stated that he had met with Mr. Frank
DEC 0 � 1995 283