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tion (the "Company") and to be financed for the company by the issuance of approximately $1,250,000
aggregate principal saount of bonds of the Authority. Since such application for approval cannot,
under regulations of the Department of Commerce, be officially received until, among other things,
the Board has, by resolution after having held a public hearinC, approved the issue or bonds for the
proposed Project and approves the Project in principle, the Authority has recommended and requested
thzt the Board pass such resolution.
The Chairman presented copies of the Authority's resolution approving the Project and the
inducement agreement between the Authority and the Company to the Board. The Chairman then stated
that a notice had been published by the Clerk to the Board on August 16, 1985 stating that the
Board would hold a public hearinn on September 3, 1985 on the proposed revenue bond issue and the
Project (the "Notice").
Commissioner Hedrick moved that the Board ratify the publication of the Notice and designate
this meeting as a public hearing on the revenue bond issue and the Project. The motion was seconded
by Commissioner Mills and was unanimously adopted.
At 7:30 o'clock p.m., the Chairman announced that the Board would hear anyone who wished to be
heard on the advisability of issuing the revenue bonds and the Project.
The names and addresses of the persons who were present and summaries of their comments are as
follows:
Joe Poteat, President, Cairn Studio, Ltd., spoke regarding his proposed project, the number of
employees he planned to hire, and the average wage he proposed to pay.
After the Board had heard all persons who requested to be heard, Commissioner Hedrick moved the -
public herring be closed. The motion was seconded by Commissioner Mills and was unanimously adoted.
Commissioner Hedrick introduced the following resolution which was read at length.
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY
INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING
AUTHORITY OF ITS $1,250,000 INDUSTRIAL REVENUE BOND (CAIRN
STUDIO, LTD. PROJECT) TO FINANCE AN INDUSTRIAL AND MANUFACTURING
PROJECT IN IREDELL COUNTY, NORTH CAROLINA FOR CAIRN STUDIO,
LTD. AND APPROVING SUCH PROJECT IN PRINCIPLE.
11KREAS, the Board of Commissioners has created a political subdivision and body corporate and
polit;c of the State )f North Carolina known as "The Iredell County Industrial Facilities and
Pollution Control Financing Authority" (the "Authority"); and
WHEREAS, the Authority is authorized under the Industrial and Pollution Control Facilities
Financing Act, Chapter 159C of the Gencral Statutes of North Carolina (the "Act"), to issue revenue
bonds for the purpose, among others, of paying all or any part of the cost of any industrial or
pollution control project for industry; to acquire, construct, improve and equip any such project;
and to make and execute financing agreements, security documents and other contracts and instruments
necessary or convenient in the exercise of such powers; and
WHEREAS, the Authority has determined to issue its revenue bonds to pay all or a portion of the
costs of the acquisition, construction and installation of an industrial facility in Iredell County
for the manufacture of three-dimensional art figurines and related projects (the "Project"), as
required by the Act; and
WHEREAS, the Department 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 applica-
tion 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 Department; and
WHEREAS, the Board of County Commimssioners, pursuant to public notice duly given, has held a
public hearing on the proposed 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 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 revenue bonds by the Authority 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 the resolution to the Department.
(4) The Board of County Commissioners hereby requests that the State of North Carolina,
pusurant to Executive Order 113 of the Governor of the State of North Carolina, allocate to the
above-described revenue bonds and Project $1,250,000 of Volume Limitatin (as defined in said Execu-
tive Order), and the Chairman or Vice Chairman of said Board is hereby authorized to certify under '
penalties of perjury that this request is not made in consideration of any bribe, gift, gratuity, or
direct or indirect contribution to any political campaign.