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127 <br /> approval of the Project with the Secretary of the Department of Economic <br /> and Community Development (the "DECD") , as required by the Act, and <br /> WHEREAS, the DECD has, by regulation, provided that no <br /> application for approval of a project will be officially received until <br /> the governing body of the County from which the application is made has, <br /> by resolution after having held a public hearing, approved the issue of <br /> revenue bonds and approved in principle the proposed project and a <br /> certified copy of such resolution has been provided to the DECD; and <br /> WHEREAS, the Board of County Commissioners, pursuant to public <br /> notice duly given, has held a public hearing on the proposed revenue <br /> bond issue and Project and has considered the comments of persons who <br /> requested to be heard; and <br /> WHEREAS, the Board of County Commissioners desires to approve the <br /> issuance of revenue bonds and approve the Project in principle; NOW, <br /> THEREFORE <br /> BE IT RESOLVED by the board of County Commissioners of the County <br /> of Orange as follows: <br /> (1) The issuance of revenue bonds by the Authority in <br /> an aggregate principal amount of up to $5, 500, 00 to finance the <br /> Project is hereby approved. <br /> (2) The project is hereby approved in principle <br /> (3) The Clerk of the Board of Commissioners is hereby <br /> authorized and directed to provide a certified copy of this <br /> resolution to the DECD. <br /> (4) The Board of County Commissioners hereby requests <br /> that the State of North Carolina, pursuant to Chapter 588 of the <br /> 1987 North Carolina General Session Laws, or any other executive <br /> order or legislation relating to volume limitations on tax-exempt <br /> financing, allocate to the above-described revenue bonds and <br /> Project $5,500, 000 of "unified volume limitation" (as described <br /> in said Session Laws or in any such other executive order or <br /> legislation) , and acknowledges that any such allocation shall be <br /> only for purposes of said Project and that any portion of such <br /> allocation not utilized in connection with such bonds and Project <br /> or which terminates or expires as provided in said Session Laws <br /> will, without further action, revert to the State of North <br /> Carolina, and there is hereby approved the application by the <br /> Authority for such an allocation. <br /> (5) This resolution shall take effect immediately upon its <br /> passage. <br /> Commissioner Willhoit moved the passage of the foregoing <br /> resolution and Commissioner Marshall seconded the motion, and the <br />