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The Chairman present -d copies of the Authority's resolution approving the' Project and the
inducement agreement between the fluthority and t"ie Company Lo the Board. The Chairman then stated
that a notice had been published by she Cler': to the Board on June 18, 1985 stating that the Board
would hold a public hearing on duly 2, 198 on the proposed revenue bond issue and the Project (the
"Notice").
Commissioner Hedrick moved that the Board ratify the publication of the Notice and designate
this meeting as a public hearing on the revenue bond issue and the Project. The motion was seconded
by Commissioner Mills and was unanaimously adopted.
At 7:30 o'clock, P.M., the Chairman announced that the Board would hear anyone who wished to be
heard on the advisability of issueing the revenue bonds and the Project.
The names and addresses of the persons who were present and summaries of their comments are as
follows:
Mr. Charles Herriman, 122 E. Fourth St., Marion, IN
Mr. Tom Braun, 1720 S. Miller Ave., Marion, IN
Mr. William P. Pope, P. 0. Box 1776, Statesville, NC
Messrs. Herriman and Braun spoke regarding the project plans in Iredell County; Mr. Pope advised the
county commissioners of its legal position in this matter.
After the Board had heard all persons who requested to be heard, Commissioner Hedrick moved the
public hearing be closed. The motion was seconded by Commissioner Mills and was unanimously adopted.
Commissioner Hedrick introduced the following resolution which was read at length:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY
INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING
AUTHORITY OF ITS $700,000 INDUSTRIAL REVENUE BOND (TRANS -
INDUSTRIES, INC. PROJECT) TO FINANCE AN INDUSTRIAL AND
MANUFACTURING PROJECT IN IREDELL COUNTY, NORTH CAROLINA
FOR TRANS -INDUSTRIES, INC. AND APPROVING SUCH PROJECT IN
PRINCIPLE.
WHEREAS, the Bcard of County Commissioners 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 Aut;;ority is authorized under the Industrial and Pollution Control Facilities
Financing Act, Chapter 159C of the General Statutes of North Carolina (the "Act"), to issue 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 powers; and
WHEREAS, the Authority has determined to issue its revenue bonds to pay all or a portion of the
costs of the acquisition, construction and installation of an industrial facility in Iredell County
for the manufacture of truck parts and related accessories (the "Project"), to be operated by Trans -
Industries, Inc.; and
WHEREAS, the Authority intends to file andapplication for approval of a project with the
Secretary of the Department of Commerce (the "Department"), as required by the Act; and
WHEREAS, the Department has, by regulation, provided that no application for approval of a
project will be officially received 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
revenue bonds and approved in principle the proposed project and a certified copy of such resolution
has been provided to the Department; and
WHEREAS, the Board of Commissioners, purusant to public notice duly given, has held a public
hearing on the proposed revenue bonds issue and the Project and has considered the comments of
persons who requested to be heard; and
WHEREAS, the Board of Commissioners desires to approve the issuance of revenue bonds and
approve the Project in principle;
NOW, THEREFORE,
Be it resolved by the Board of Commissioners of the County of Iredell as follows:
(1) The issuance of revenue bonds by the Authority to finance the Project is hereby approved.
(2) The Project is hereby approved in principle.
(3) The Clerk of the Board of Commissioners is hereby authorized and directed to provide a
certified copy of this resolution to the Department.
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