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INDUSTRIAL REVENUE BONDS, ACCUMA, INC., APPROVAL OF FINAL DOCUMENTS: Mr. Bill Pope, County
Attorney, presented the final documents for the Accuma, lar., industrial revenue bend financing.
Commissioner Mills introduced the following resolution:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY INDUSTRIAL
FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF ITS INDUSTRIAL
REVENUE BOND (ACCUMA CORPOR4TION PROJECT), IN THE PRINCIPAL AMOUNT
OF $3,200,000 TO FINANCE AN INDUSTRIAL PROJECT FOR ACCUMA CORPORATION.
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 December 3, 1985, and
took the following action in connection with the proposed
issuance and sale of the Authority's Industrial Revenue Bond
(Accuma Corporation Project), in the principal amount of
$3,200,000.
(1) authorized the borrowing under and the issuance and performance
of the Authority's Industrial Revenue Bond (Accuma Corporation
Project) in the aggregate principal amount of 3,200,000 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 Accuma Corporation (the "Company"), providing 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 form of the Company's Promissory
Note dated as of December 1, 1985 (the "Note") attached as Exhibit A
thereto.
(4) approved the form of the Note and authorized the endorsement thereof
without recourse to the order of and the pledge thereof to the
Purchaser.
(5) approved and authorized the execution, delivery and performance of
the Security Agreement, dated as of December 1, 1985, between the
Authority and the Company;
(6) approved the form of the Deed of Trust, dated as of December 1, 1985,
from the Company to J. W. Kiser, Trustee for the Authority;
(7) 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;
(8) approved the form of the Guaranty Agreement dated as of December 1,
--- 1985 from RIA Holdings and the Company to the Purchaser; and
(9) approved the form of the Pledge and Assignment, dated as of December
1, 1985, from RIA Holdings 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 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 the Authority's Industrial Revenue Bond (Accuma Corpora-
tion Project) in the principal amount of $3,200,000.
Section 3. This resolution shall take effect immediately upon its passage.
Commissioner Stewart moved the passage of the foregoing resolution and the resolution was
passed by the following vote:
Ayes: Commissioners Stewart, Mills, Crosswhite, and Murdock.
Nays: None.
Mr. William P. Pope announced that the closing of this industrial revenue bond for Accuma
Corporation is set for December 27, 1985.