HomeMy WebLinkAboutC.054.93009_2303facility is too small. With the issuance of the revenue bonds, McLain said the company wanted to
build a new facility (60,000 sq. ft.) and equip it with new machinery. McLain said the company
also desired to add ten new jobs.
No one else spoke regarding the matter.
Chairman Haire adjourned the public hearing.
Chairman Haire introduced the resolution entitled:
RESOLUTION APPROVING IN PRINCIPLE A
MANUFACTURING PROJECT IN IREDELL
COUNTY, NORTH CAROLINA, TO BE
FINANCED FOR B&B FABRICATORS, INC.
BY NOT EXCEEDING $5,000,000
AGGREGATE PRINCIPAL AMOUNT OF
BONDS OF THE IREDELL COUNTY
INDUSTRIAL FACILITIES AND POLLUTION
CONTROL FINANCING AUTHORITY,
AUTHORIZING SUCH AUTHORITY TO
APPLY TO THE NORTH CAROLINA
FEDERAL TAX REFORM ALLOCATION
COMMITTEE FOR AN ALLOCATION OF
UNIFIED VOLUME LIMITATION, AND
APPROVING THE ISSUANCE OF SUCH
BONDS BY SUCH AUTHORITY.
MOTION by Commissioner Stewart to approve passage of the following resolution.
VOTING: Ayes - 4; Nays - 0.
RESOLUTION APPROVING IN PRINCIPLE A MANUFACTURING PROJECT IN
IREDELL COUNTY, NORTH CAROLINA, TO BE FINANCED FOR B&B
FABRICATORS, INC. BY NOT EXCEEDING $5,000,000 AGGREGATE PRINCIPAL
AMOUNT OF BONDS OF THE IREDELL COUNTY INDUSTRIAL FACILITIES AND
POLLUTION CONTROL FINANCING AUTHORITY, AUTHORIZING SUCH
AUTHORITY TO APPLY TO THE NORTH CAROLINA FEDERAL TAX REFORM
ALLOCATION COMMITTEE FOR AN ALLOCATION OF UNIFIED VOLUME
LIMITATION, AND APPROVING THE ISSUANCE OF SUCH BONDS BY SUCH
AUTHORITY.
BE IT RESOLVED by the Board as follows:
Section 1. The proposed manufacturing project in Iredell County, North Carolina, to be
financed for the Company by not exceeding $5,000,000 aggregate principal amount of bonds of the
Authority is hereby approved in principle.
Section 2. The Board hereby requests that the North Carolina Federal Tax Reform
Allocation Committee allocate $5,000,000 of the State of North Carolina Unified Volume Limitation
of tax exempt private activity bonds imposed by the Tax Reform Act 1986, as amended, for the
industrial revenue bonds and Project described above, which allocation it is acknowledged will
revert in whole or in part to the statewide allocation if bonds for this Project are not issued prior to
the termination date of the allocation, and the Chairman or the Vice Chairman of the Authority is
hereby authorized and directed to make application to the Secretary of the North Carolina
Department of Commerce for such allocation.