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25 <br /> WHEREAS , the Authority is authorized under the Industrial <br /> and Pollution Control Facilities Financing Act, Chapter 159C of <br /> . the General Statutes of North Carolina (the "Act") , to issue <br /> revenue bonds for the purpose, among others, of paying all or any <br /> part of the cost of any industrial or pollution control project <br /> for industry; to acquire, construct, improve and equip any such <br /> project; and to make and execute financing agreements, security <br /> documents and other contracts and instruments necessary or con- <br /> venient in the exercise of such powers; and <br /> WHEREAS, the Authority has determined to issue its revenue <br /> bonds to pay all or a portion of the costs of the construction <br /> and installation of an addition to an industrial facility located <br /> ' on Oakwood Street Extension, Mebane Industrial Park, in Mebane, <br /> in Orange County for the manufacture of packaging for products <br /> for retail sale (the "Project") , to be operated by Mebane <br /> - Packaging Corporation, a North Carolina corporation (the <br /> ; 11Company") , the interest on said bonds to be exempt from federal <br /> ,income taxation by virtue of the provisions of Section 103 of the <br /> Internal Revenue Code of 1986, as amended or any successor <br /> .therefor; and <br /> WHEREAS, the Authority intends to file an application for <br /> approval of the Project with the Secretary of the Department of <br /> r-Economic and Community Development (the "DECD") , as required by <br /> the Act; and <br /> . <br /> WHEREAS, the DECD has, by regulation, provided that no <br /> 3 application for approval of a project will be officially received <br /> until the governing body of the County from which the application <br /> is made has, by resolution after having held a public hearing, <br /> ;;approved the issue of revenue bonds and approved in principle the <br /> :.proposed project and a certified copy of such resolution has been <br /> provided to the DECD; and <br /> #. WHEREAS, the Board of County Commissioners, pursuant to <br /> public notice duly given, has held a public hearing on the <br /> proposed revenue bond issue and Project and has considered the <br /> comments of persons who requested to be heard; and <br /> WHEREAS, the Board of County Commissioners desires •to <br /> approve the issuance of revenue bonds and approve the Project in <br /> ; principle; NOW, THEREFORE, <br /> .' BE IT RESOLVED by the Board of County Commissioners of the <br /> ounty 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, 000 to finance <br /> the Project is hereby approved. <br /> (2) The Project is hereby approved in principle. <br /> 3 <br />