HomeMy WebLinkAboutC.054.93011_0584WHEREAS: The Iredell County Industrial Facilities and Pollution Control
Financing Authority (the "Authority') has agreed to assist in the financing under the
North Carolina Industrial and Pollution Control Facilities Financing Act (the "Act') of
an industrial project by TOBIJO Properties RLLLP and C.R. Onsrud, Inc., a North
Carolina corporation, or their related or affiliated entities (collectively, the
"Company'), which plans to acquire, construct and equip a facilityfor the manufacture
of computer controlled routing machines (the "Project') and has indicated that
agreement by the execution of an Inducement Agreement between the parties dated
October 5, 2004; and
WHEREAS: Under G.S. § 159C-7 each project must be approved by the
Secretary of the Department of Commerce and, under Article 51B of Chapter 143 of the
North Carolina General Statutes, the Federal Tax Reform Allocation Committee must
allocate a sufficient amount of North Carolina's `private activity bond limit," as
defined in Section 141 of the Internal Revenue Code of 1986, as amended (the "Code')
to the financing and
WHEREAS: The Rules and Procedures of the North Carolina Department of
Commerce require that the governing body of a county approve in principle any project
to be f nanced under the Act; and
WHEREAS- This Board of Commissioners has today held a public hearing with
respect to the advisability of the Project and the issuance of bonds therefor, as
evidenced by the Certificate and Summary of Public Hearing attached hereto as Exhibit
A; and
WHEREAS: Section 1470 of the Code requires that the Board of
Commissioners approve the plan of financing for the bonds; and
WHEREAS: The Authority intends to issue its Industrial Development Revenue
Bonds (C.R. Onsrud, Inc. Project), Series 2005 (the "Bonds') in the principal amount
of up to $4,000,000 which will either be secured by a letter of credit issued by a United
States bank or be privately placed with a qualified institutional investor; and
WHEREAS, under Section 159C-4 of the Act the issuance of bonds under the Act
must be approved by the governing body of the county in which the project to be
financed under the Act is located;
NOW, THEREFORE, the Board of Commissioners of Iredell County, meeting in
regular session at Statesville, North Carolina, on March 1, 2005, do the following:
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR IREDELL
COUNTY.
The proposed "industrial project" consisting of the acquisition, construction
and equipping of a facility to be used for the manufacture of computer controlled
routing machines in Iredell County and the issuance of bonds in an amount not to
exceed $4,000,000 therefor are hereby approved in principle. The Board of
Commissioners hereby requests the Federal Tax Reform Allocation Committee to
allocate up to $4,000,000 of North Carolina's 2005 "private activity bond limit," as
defined above for the financing of the Project. The Board of Commissioners hereby
approves the plan of f nancing as required by Section 14709 of the Code. The issuance
of the Bonds in the principal amount of $4,000,000 is hereby approved for purposes of
Section 159C-4 of the Act.
No one else desired to speak and Chairman Tice adjourned the public hearing.