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HomeMy WebLinkAboutC.054.93008_1067622 INDUSTRIAL REVENUE BONDS - APPROVAL OF FINAL DOCUMENTS FOR CAIRN STUDIO, LTD.:Vice Chairman Mills introduced the following resolution: RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCINn AUTHORITY OF ITS INDUSTRIAL REVENUE BOND (CAIRN STUDIO, LTD. PROJECT), IN THE PRINCIPAL AMOUNT OF $1,250,000 TO FINANCE AN INDUSTRIAL PROJECT FOR CAIRN STUDIO, LTD. BE IT RESOLVED by the Board of Commissioners for the County of Iredell as follows: Section 1. The Board of Commissioners 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 May 30, 1986, and took the following action in connection with the proposed issuance and sale of the Authority's Industrial Revenue Bond (Cairn Studio, Ltd. Project), in the principal amount of $1,250,000 (Hereinafter sometimes called the "Bond"): (1) auLhorized the borrowing under and the issuance and performance of the authority's Industrial Revenue Bond (Cairn Studio, Ltd. Project) in the principal amount of $1,250,000 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 June 1, 1986, among the Authority, Wachovia Bank and Trust Company, N.A. (the "Purchaser") and Cairn Studio, Ltd. (the "Company"), providing for the sale of the Bond; (3) approved and authorized the execution, delivery and performance of the Loan Agree- ment, dated as of June 1, 1986 (between the Authority and the Company, with the form of the Compa- ny's Promissory Note dated as of June 1, 1986 (the "Note"), attached as Exhibit A thereto; (4) approved the form of the Note and authorized the endorsement thereof without recourse to the order of and the pledge thereof to the Purchaser; (5) approved and authorized the execution, delivery and performance of the Security Agreement - Equipment, dated as of June 1, 1986, between the Authority and the Company; (6) approved and authorized the execution, delivery and performance of the Security Agreement - Accounts and Inventory, dated of June 1, 1986, between the Authority and the Company; (7) approved the form of the Deed of Trust, dated as of June 1, 1986, from the Company to Dennis W. McNames, Trustee for the Authority; (8) approved and authorized the execution, delivery and performance of the Assignment, dated as of June 1, 1986, from the Authority to the Purchaser and consented to by the Company; (9) approved to form of the Guaranty Agreement dated as of June 1, 1986, from the Company to the Purchaser; (b) The Board of Commissioners for the County of Iredell has reviewed the action taken by the Board of Commissioners of the Authority in connection with the issuance and sale of the Bond and has made such other examination and investigation as it deems necessary and relevant as the basis for the approval set forth herein. Section 2. Pursuant to and in satisfaction of the requirements of Section 195C -4(d) of the General Statutes of North Carolina, the Board of Commissioners for the County of Iredell hereby approves the issuance by the Authority of the Authority's Industrial Revenue Bond (Cairn Studio, Ltd. Project) in the principal amount of $1,250,000. Section 3. The Board of Commissioners for the County of Iredell hereby acknowledges that (a) the County, the Authority and all other issuers on behalf of the County has issued during the calendar year 1986 no more than an aggregate principal amount of $-0- "qualified non-essential function bonds" within the meaning of the proposed Tax Reform Action of 1985 (H.R. 3838) and (b) the county has previously assigned for any such bonds which have not yet been issued no more than $-0- of its volume cap under H.R. 3838 for the calendar year 1986. The Board of Commissioners for the County of Iredell hereby assigns $1,250,000 of its presently available volume cap under H.R. 3838 for the calendar year 198E to the Authority for '',he purpose of issuing the Bonds, provided that such allocation may be used only for the purpose of issuing the bonds and that any portion of said allocation in excess of the amount of the Bonds issued by the Authority within 120 days from the date of effectiveness of this resolution shall, without further action, revert to the County. The Chairman and the Vice Chairman of the Board of Commissioners are hereby authorized to confirm such assignment by execution and delivering to the Authority an Assignment in substantially the form presented to the Board of Commissioners at this meeting. Section 4. This resolution shall take effect immediately upon its passage. Commissioner Murdock moved the passage of the foregoing resolution, seconded by Commissioner Stewart, and the resolution was passed by the follo,;ing vote: ' Ayes: Murdock, Stewart, Mills, Crosswhite