HomeMy WebLinkAboutC.054.93008_0975 (2)AE
VOTING: Ayes - 5; Nays - 0.
CLOSING PORTION OF S. R. 2350, MURDOCK ROAD: MOTION from Commissioner Murdock to close a
200' portion of S. R. 2350, Murdock Road, as requested by the N. C. Department of Transportation.
VOTING: Ayes - 5; Nays - 0.
HEARINGS CONTINUED: MOTION from Chairman Hedrick to continue the following two hearings on
reznning:
(1) Safe 'clings, Inc., continued until November 19, 1985
(2) Crossroads Air Enterprises, Ltd., continued until November 19, 1985.
VOTING: Ayes - 5; Nays - 0.
MOTION from Commissioner Mills to continue the hearing on closing a portion of S. R. 1483 until
November 19, 1985.
VOTING: Ayes - 5; Nays - 0.
INDUSTRIAL REVENUE BONDS - TRANS INDUSTRIES, INC.: Commissioner Hedrick introduced the follo-
wing resolution:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY INDUSTRIAL
FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF ITS
INDUSTRIAL REVENUE BOND (TRANS -INDUSTRIES, INC. PROJECT), FOR TRANS
INDUSTRIES, INC.
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 (the
"Authority") met on November 5, 1985, and took the following action
in connection with the proposed issuance and sale of the Authority's
Industrial Revenue Bond (Trans -Industries, Inc. Project), in the
principal amount of $650,000.
(1) authorized the borrowing under and the issuance and
performance of the Authority's Industrial Revenue
Bond (Trans -Industries, Inc. Project) in the principal
amount of $605,000 and directed the execution and delivery
of said Bond;
(2) approved and authorized the execution, delivery and
performance of the Bond Purchase Agreement, dated as
of December 1, 1985, among the Authority, NCNB
National Bank of North Carolina (the "Purchaser") and
Trans Industries, Inc. (the "Company"), providing the
for the sale of the Bond;
(3) approved and authorized the execution, delivery and
performance of the Loan Agreement, dated as of December 1,
1985, between the Authority and the Company, with the w -
form of the Company's Promissory Note dated as of
December 1, 985, (the "Note"), attached as Exhibit A
thereto.
(4) approved and authorized the execution, delivery and
performance of the Security Agreement, dated as of
December 1, 1985, between the Authority and the
Company;
(5) approved and authorized the execution, delivery and
performance of the Assignment, dated as of December 1,
1985, from the Authority to the Purchaser and consented
to by the Company;
(6) approved the form of the Note and authorized the
endorsement thereof without recourse to the order of and
the pledge thereof to the Purchaser;
(7) approved the form of the Deed of Trust, dated as of
December 1, 1985, from the Company to J. W. Kiser, Trustee
for the benefit of the Authority;
(8) approved the form of the Guaranty Agreement dated as of
December 1, 1985, from the Company, Midwest Manufacturing '
and Sales, Inc., an Indiana corporation, and Fischer
Industries, Inc., a Michigan corporation to the Purchaser;