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INDUSTRIAL REVENUE B014DS - BURLINGTON INDUSTRIES: MOTION from Commissioner
Campbell, second from Commissioner Ostwalt, to approve the following resolution for
Burlington Industries:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY INDUSTRIAL FACILITIES AND
POLLUTION CONTROL FINANCING AUTHORITY OF ITS INDUSTRIAL REVENUE REFUNDING BOND
(BURLINGTON INDUSTRIES, INC. PROJECT), SERIES 1984, IN THE PRINCIPLE AMOUNT OF
$1,000,000 TO REFUND ITS INDUSTRIAL REVENUE BOND (BURLINGTON INDUSTRIES, INC.
PROJECT), SERIES 1981.
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 (herein referred to as the "Authority")
will meet shortly and take the following action in connection with the proposed
issuance and sale of the Authority's Industrial Revenue Refunding Bond (Burlington
Industries, Inc. Project), Series 1984, in the principal amount of $1,000,000.:
1, approve the form of Loan Agreement to be dated as of March 1, 1984, by
and between the authority and Burlington Industries, Inc. (the "company");
2. approve the form of Assignment, to be dated as of March 1, 1984, by and
between the Authority and Chemical Bank (the "Purchaser");
3. approve the endorsement without recourse and pledge of a promissory note
of the Company, to be dated as of March 1, 1984;
4. approve the form of Bond Purchase Agreement, to be dated as of March 1,
1984, amont the Purchaser, the Authority and the Company;
S. approve the form of Assignment, to be dated as of March 1, 1984, from the
Authoirty to the Purchaser; and
6. authorize the borrowing under the issuance and performance of the Inudstrial
Revenue Refunding Bond (Burlington Industries, Inc., Project), Series 1984, of the
Authority, in the principal amount of $1,000,000, and direct the execution and
delivery of said Bond;
(b) The Board of Commissioners 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
approves the issuance by the Authority of its Industrial Revenue Refunding Bond
(Burlington Industries, Inc. Project), Series 1984, in the principal amount of
$1,000,000.
Section 3. This resolution shall take effective immediately upon its passage.
VOTING: Ayes - 3; Nays - 0.