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Commissioner Hedrick moved that the Board ratify thr nuhlication of the Notice and designate
this meeting as a public hearing on the revenue bend issue and the Project. The motion was seconded
by Commissioner Murdock and was unanimously adopted.
At 7:45 o'clock, P.M., the Chairman announc^d that the Board would hear anyone who wished to be
heard on the advisability of issuing the revenue bonds and the Project.
Mrs. Alice Fortner, Clerk to the Board, stated that bond counsel, Helms, Mulliss and Johnston,
recommended that another public hearing be held on this project due to the change in location of the
P
building site in the South Iredell Industrial Park, Mooresville, NC, and because the company
has incorporated under the name of Trans -Industries, Inc. (The board formerly heard this matter
under the name of Mid -West Manufacturing, Inc.)
Mrs. Fortner also stated that the county attorney, Mr. William P. Pope, who could not be
present at this meeting, recommended that the board approve the resolution being presented at this
meeting.
No one else spoke regarding this 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 Stewart and was unani-
mously adopted.
Commissioner Hedrick introduced the following resolution:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY
INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING
AUTHORITY OF ITS INDUSTRIAL REVENUE BOND (TRANS -INDUSTRIES,
INC. PROJECT), IN THE PRINCIPAL AMOUNT OF $650,000 TO FINANCE
AN INDUSTRIAL PROJECT FOR TRANS -INDUSTRIES, INC.
BE IT RESOLVED by the Board of Commissioners for the County of Iredell:
Section 1. The Board of Commissionrs has determined and does hereby declare as follows:
(a) The Board of Commissioners of The Iredell County
Industrial Facilities and Pollution Control Financing
Authority (the "Authority") met on November 19, 1985 and
took the following action in connection with the proposed
issuance and sale of the Authority's Industrial Revenue
Bond (Trans -Industries, Inc. Project), in the principal
amount of $650,000.
(1) authorized the borrowing under the issuance and performance
of the Authority's Industrial Revenue Bond (Trans- Industries, Inc.
Project) in the principal amount of $650,000 and directed the
execution and delivery of said Bond;
(2) approved and authorized the execution, delivery and performance of
the Bond Purchase Agreement dated as of December 1, 1985, among the
Authority, NCNB National Bank of North Carolina (the "Purchaser")
and Trans Industries, Inc. (the "Company"), providing for the sale
of the Bond;
(3) approved and authorized the execution, delivery and performance of mw..
the Loan Agreement, dated as of December 1, 1985, between the
Authority and the Company, with the form of the Company's Promissory
Note dated as of December 1, 1985, (the "Note"), attached as Exhibit
A thereto;
(4) approved
Agreement, datedthe xasutofndelivery
aperformance
De ember, 1985between
of
thethe
Authority and the Company;
(5) approved and authorized the execution, delivery and performance of
the Assignment, dated as of December 1, 1985, from the Authority to
the Purchaser and consented to by the Company;
he
rsement
(6) approved
ithout recourseto thef the te d orderof tand�the zed pledgeothereof thereof
or
wthe
Purchaser;
(7) approved the form of the Deed of Trust, dated as of December 1,
1985, from the Company to J. W. Kiser, Trustee for the benefit of
the Authority;
(8) approved the form of the Guaranty Agreement
datng andsof Sa Sales,
an
1985, from the Company,
Indiana corporation, and Fischer Industries, Inc., a Michigan
corporation to the Purchaser; ,