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RESOLUTION APPROVING THE ISSUANCE BY THE IRF.DELL COUNTY INDUSTRIAL
FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF ITS
INDUSTRIAL REVENUE BOND (JOHN BOYLE AND COMPANY, INCORPORATED,
PROJECT NO. 2) IN THE PRINCIPAL AMOUNT OF $1,200,000 TO FINANCE
AN INDUSTRIAL PROJECT FOR JOHN BOYLE AND COMPANY, INCORPORATED.
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 Bond (John Boyle and
Company, Incorporated Project No. 2), in the principal amount of $1,200,000:
1. approve the form of a Loan Agreement, to be dated as of
December 1, 1984, by and between the Authority and John
Boyle and Company, Incorporated (the "Company");
2, anprove and authorize the endorsement without recourse and
pledge of a promissory note of the Company, to be dated as of
December 1, 1984;
3. annrove the form of an Assignment, to be dates as of December 1,
1984, from the Authority to Branch Banking and Trust Company
(the "Purchaser");
4. authorize the borrowing under the issuance and performance of the
Authority's Industrial Revenue Bond (John Boyle and Company,
Incorporated Project No. 2), in the principal amount of $1,200,000,
and direct the execution and delivery of said Bond;
5. aonrove the form of the Bond Purchase Agreement, to be dated
as of December 1, 1984, by and among the Authority, the
Purchaser and the Company, providing for the issuance and sale
of the Bond:
6. approve the form of the Security Agreemtn, to be dated as of
December 1, 1984, by ana between the Comnany and the Authority;
7. aonrove the form of the Deed of Trust, to be dated as of December 1,
1984, from the Company to Jerone C. Herring, as trustee for the
benefit of the Authority;
8. annrove the form of the Company Guaranty Agreement, to be dated
as of December 1, 1984, from the Comnany to the Purchaser; and
9, aonrove the form of the Parent Guarantee Agreement, to be dated
as of December 1, 1984, from J. B. Groupe, Inc., a Delaware corpora-
tion which owns 1008 of the issued and outstanding stock of 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 investi-
gation as it deems necessary and relevant as the basis for the approval set forth
herein.
(c) The Bond shall not be deemed to constitute a debt of the State of North
Carolina or any political subdivision or any agency thereof, including Iredell
County, or a pledge of the faith and credit of the State of North Carolina or any
political subdivision or any such agency, including Iredell County, but shall be
oayable solely from the revenues and oter funds nrovided therefor.
Section 2. Pursuant to and in satisfaction with the requirements of Section
159C -4(d) of the General Statutes of North Carolina, the Board of Commissioners
for the County of Iredell hereby anproves the issuance by the Authority of its
Industrial REvenue Bond (John Boyle and Company, Incorporated Industrial Revenue
Project No. 2) in the principal amount not to exceed $1,200,000.
Section 3. This resolution shall take effect immediately upon its passage.
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