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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 October 20, 1985 stating that the
Board would hold a public hearing on November 5, 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. This motion was
seconded by Commissioner Murdock and was unanimously adopted.
At 7:45 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:
Roy L. Smart, III, attorney for the Accuma Company, Inc., explained the company's plans for
industrial development in Iredell County. He told how many persons they planned to hire, gave
information regarding the sizi and cost of the plant to be built, and how much money the company
planned to spend in Iredell County.
No one else spoke regarding the project.
After the Board had heard all persons who requested to be heard, Commissioner Hedrick moved
that the public hearing be closed. The motion was seconded by Commissioner Murdock and was unani-
mously adopted.
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
$3,300,000 INDUSTRIAL REVENUE BOND (ACCUMA CORPORATION PROJECT) TO
FINANCE AN INDUSTRIAL AND MANUFACTURING PROJECT IN IREDELL COUNTY,
NORTH CAROLINA FOR ACCUMA CORPORATION AND APPROVING SUCH PROJECT IN
PRINCIPLE.
WHEREAS, The Board of County Commissioners has created a political subdivision and body corpo-
rate and politic of the State of 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 General 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 plastic components and related products for use in the battery industry (the
"Project"), to be operated by Accuma Corporation; and
WHEREAS, the Authority intends to file an application for approval of the Project with the
Secretary of the Department of Commerce (the "Department"), 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 Commissioners, 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 this resolution to the Department.
(4) The Board of County Commissioners hereby requests that the State of North Carolina,
pursuant to Executive Order 113 of the Governor of the State of North Carolina, allocate to the
above-described revenue bonds and Project $3,300,000 of Volume Limitation (as defined in said ,
Executive Order), and the Chairman or Vice Chairman of said Board is hereby authorized to certify