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4 <br /> C. RESOLUTION OF SUPPORT-STATE SCHOOL BOND <br /> A motion was made by Commissioner Gordon, seconded by Commissioner Willhoit to adopt the <br /> resolution as stated below which indicates support by the Orange County Board of Commissioners for <br /> passage of the November 1996 Statewide School Bond. <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> A RESOLUTION OF SUPPORT FOR PASSAGE OF THE NOVEMBER 1996 <br /> STATEWIDE SCHOOL BOND <br /> WHEREAS, the Orange County Schools and Chapel Hill-Carrboro City Schools Capital Improvements Plan <br /> reflect the need for substantial financial investment in the construction of new school space, and <br /> WHEREAS, successful implementation of an Orange County funding plan for these school capital needs <br /> depends heavily on passage of the November 1996 Statewide school bond that would provide <br /> approximately$17 million in school capital funding to the two school systems in Orange County. <br /> NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board of Commissioners and the <br /> NCACC does hereby express its support for passage of the Statewide School Bond during the November 5, <br /> 1996 election, and <br /> BE IT FURTHER RESOLVED THAT the Board of Commissioners encourages the governing boards of the <br /> Towns of Carrboro, Chapel Hill, and Hillsborough to express their official support for passage of the school <br /> bond by adopting similar resolutions prior to the election. <br /> VOTE: UNANIMOUS <br /> 6. SPECIAL PRESENTATIONS- NONE <br /> 7. PUBLIC HEARINGS <br /> A. MPC PACKAGING CORP. DEBT RESTRUCTURING <br /> TAX EQUITY FAIRNESS RESPONSIBILITY ACT TE( FRA) <br /> A public hearing was held on the proposed debt restructuring of the Orange County Industrial <br /> Facilities and Pollution Control Financing Authority industrial revenue bonds which debt restructuring will <br /> permit the repayment of the bonds over a longer period of time. No citizen comments were made. <br /> A motion was made by Commissioner Willhoit, seconded by Commissioner Crowther to close <br /> the public hearing. <br /> VOTE: UNANIMOUS <br /> A motion was made by Commissioner Willhoit, seconded by Commissioner Crowther to <br /> approve the resolution as stated below which approves the debt restructuring in principle. <br /> RESOLUTION OF <br /> THE ORANGE COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL <br /> FINANCING AUTHORITY <br /> AUTHORIZING THE AMENDMENTS TO <br /> DOCUMENTS FOR $5,200,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS <br /> (MEBANE PACKAGING CORPORATION PROJECT) SERIES 1990 <br /> WHEREAS, The Orange County Industrial Facilities and Pollution Control Financing Authority (the <br /> "Authority") is a political subdivision and body corporate and politic of the state of North Carolina duly <br /> created pursuant to the provisions of Article V, Section 9 of the Constitution of North Carolina and Chapter <br /> 159C of the General Statutes of North Carolina, as amended (the "Act"); and <br /> WHEREAS, the Authority issued and sold its Industrial Development Revenue Bonds (Mebane Packaging <br /> Corporation Project) Series 1990 in the aggregate principal amount of$5,200,000 (the "Bonds"), pursuant to <br />