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Mr. Deal said he had been in contact with the Care -A -Van officials, and they plan to begin
immediately to send a unit to Mooresville from 8:00 to 5:00; and as quickly as he can, they plan to
have a second unit in the Mooresville area .
Chairman Mills said the board would wait for a report on this at the October 7th or the October
21st meeting.
APPROVAL OF MINUTES, SEPTEMBER 2, 1986 MEETING: MOTION from Chairman Mills to approve the
minutes as presented.
VOTING: Ayes - 4; Nays - 0.
INDUSTRIAL REVENUE BONDS - FINAL DOCUMENTS FOR ACCUMA, INC.: Mr. Bill Pope, county attorney,
discussed the final documents for the Accuma bond with the board. He stated that everything was in
order for the board's adoption and recommended the board's approval.
Mr. Pope also discussed the status of industrial revenue bonds with the board since the new
Federal tax bill has been passed.
Chairman Mills introduced the following resolution:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY INDUSTRIAL
FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF ITS INDUSTRIAL
REVENUE BOND (ACCUMA CORPORATION PROJECT), IN THE PRINCIPAL AMOUNT UP
TO $3,200,000 TO FINANCE AN INDUSTRIAL PROJECT FOR ACCUMA CORPORATION.
BE IT RESOLVED by the Board of Commissioners for the County of Iredell:
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 at noon on September 16, 1986, and took the
following action in connection with the proposed issuance and sale of the Authority's Industrial
Revenue Bond (Accuma Corporation Project), in the principal amount up to $3,200,000.
(1) authorized the borrowing under and the issuance and performance of
the Authority's Industrial Revenue Bond (Accuma Corporation Project)
in the principal amount up to $3,200,000 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 September 1, 1986, among the
Authority, NCNB National Bank of North Carolina (the "Purchaser") and
Accuma Corporation (the "Company"), providing for the sale of the Bond;
(3) approved and authorized the execution, delivery and performance
of the Loan Agreement, dated as of September 1, 1986, between the
Authority and the Company, with the form of the Company's Promissory
Note dated as of September 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, dated as of September 1, 1986, between the
Authority and the Company;
(6) approved the form of the Deed of Trust, dated as of September 1,
1986, from the Company to J. W. Kiser, Trustee for the Authority;
(7) approved and authorized the execution, delivery and performance
of the Assignment, dated as of September 1, 1986, from the Authority to
the Purchaser and consented to by the Company;
(8) approved the form of the Guaranty Agreement dated as of
September 1, 1986, from the Company to the Purchaser;
(9) approved the form of Letters of Credit dated as of September 1,
1986;
(b) The Board of Commissioners for the County of Iredell has reviewed the action to be
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 159C -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 (Accuma Corpora-
tion Project) in the principal amount up to $3,200,000.