HomeMy WebLinkAboutC.054.93008_0970 (2)525
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") met on November 4, 1985 and took
the followingaction in connection with the proposed issuance and sale of the Authority's Industrial
Revenue Bond (EGA Products, Inc. Project), in the principal amount of .mtO
$550,000:
1. approved the form of a Loan Agreement, to be dated as of
November 4, 1985, by and between the Authority and EGA
Products, Inc., a North Carolina corporation (the "Company");
2. approved and authorized the endorsement without recourse and
pledge of a promissory note of the Company, to be dated as of
November 4, 1985;
3. approved the form of an Assignment, to be dated as of
November 4, 1985, from the Authority to Wachovia Bank and
Trust Company, N.A. (the "Purchaser");
4. authorized the borrowing under the issuance and performance
of the Authority's Industrial Revenue Bond(EGA Products, Inc.
Project), in the principal amount of $550,000, and directed the
execution and delivery of said Bond;
5. approved the form of the Bond Purchase Agreement, to be
dated as of November 4, 1985, by and among the Authority,
the Purchaser and the Company, providing for the issuance
and sale of the Bond;
6. approved the form of the Project Security Agreement,
to be dated as of November 4, 1985, by and between the
Company and the Authority;
7. approved the form of the Deed of Trust, to be dated as
of November 4, 1985, from the Company to David C. Swann,
as trustee for the benefit of the Authority;
8. approved the acceptance of the Letter of Credit, to be
dated November 6, 1985, from M&I Northern Bank;
9. approved the form of the Company Guaranty Agreement,
to be dated November 4, 1985, from the Company and
EGA Products, Inc., a Wisconsin corporation (the "Guarantor"),
to the Purchaser;
10. approved the acceptance of the Collateral Security
Agreement, to be dated as of November 4, 1985, from
the Guarantor to the Purchaser; and
11. approved the form of Guaranty Agreement, to be dated
as of November 4, 1985, from Mr. & Mrs. Walter Young
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 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 its Industrial Revenue Bond (EGA Products, Inc. Project)
in thee principal amount not to exceed $550,000.
Section 3. This resolution shall take effect immediately upon its passage.
Commissioner Hedrick moved the passage of the foregoing resolution and Commissioner seconded
the motion, and the resolution was passed by the following vote:
Ayes: Commissioners Hedrick, Murdock, Mills, Crosswhite, and Stewart
Noes: None
REPORT FROM LOWRANCE HOSPITAL COMMITTEE FOR PROPOSED SALE OR LEASE OF HOSPITAL: County Attor-
ney William P. Pope gave a report on the captioned committee's trip to Sebring and Naples, Florida,
to see HMA's hospital operation at Sebring and to tour the company's office facilities in Naples.
' Mr. Pope said all those who went on this trip were enthusiastic about the HMA offer.