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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