HomeMy WebLinkAboutC.054.93008_0613 (2)168
RESOLUTION APPROVING THF, ISSUANCE OF NOT EXCEEDING
$10,000,000 AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS OF THE IREDELL COUNTY INDUSTRIAL
FACILITES AND POLLUTION CONTROL FINANCING AUTHORITY TO FI-
NANCE AN INDUSTRIAL PROJECT FOR INTERSOLL-RAND COMPANY
AND APPROVING THE INDUSTRIAL PROJECT.
WHEREAS, the Board of Commissioners for the County of Iredell (the "Board") has
created a political subdivision and body corporate and politic of the State of North
Carolina known as "The Iredell County Industrial Facilities and Pollution Control
Financing Authority" (the "Authority"); and
WHEREAS, the Authority is authorized under the Industrial and Pollution Control
Facilities Financing Act, Chapter 159C of the General Statutes of North Carolina, as
amended (the "Act"), to issue industrial development revenue bonds for the purpose,
among others, of paying all or any part of the cost of any industrial or pollution
control project for industry; to acquire, construct, improve and equip any such
project; and to make and execute financing agreements, security documents and
other contracts and instruments necessary or convenient in the exercise of such po-
wers; and
WHEREAS, the Authority has determined to issue not exceeding $10,000,000 aggre-
gate principal amount of its industrial development revenue bonds to pay a portion
of the costs of the construction of an approximately 45,300 square foot industrial
building on an approximately 118 acre site owned by Ingersoll-Rand Company, located
approximately one mile east of Exit 30 on Interstate 77 off Beaty Street near the
Town of Davidson, in Iredell County, North Carolina and the acquisition and installa-
tion therein of certain machine tools and materials handling equipment for the manu-
facture of air compressors (the "Industrial Project"), which Industrial Project is to
be owned and operated by Ingersoll-Rand Company, a New Jersey corporation (the
"Company"); and
WHEREAS, the Authority intends to file an application for approval of the Indus-
trial Project with the Secretary of the Deaprtment of Commerce (the "Department"),
as required by the Act; and
WHEREAS, the Department has, by regulation, provided that no application for
approval of a proposed industrial project by the Department will be officially re-
ceived until the governing body of the county from which the application is made has,
by resolution after having held a public hearing, approved the issue of industrial
development revenue bonds and approved the proposed industrial project and a certi-
fied copy of such resolution has been provided to the Department; and
WHEREAS, the Board, pursuant to public notice duly given, has held a public
hearing on the proposed industrial development revenue bond issue and Industrial
Project and has considered the comments of persons who requested to be heard; and
WHEREAS, the Board desires to approve the issuance of the industrial development
revenue bonds and the Industrial Project; NOW, THEREFORE,
BE IT RESOLVED by the Board as follows:
(1) The issuance of not exceeding $10,000,000 aggregate principal amount of