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9 <br /> The Chairman of the Authority announced that the Authority <br /> had been requestedl} y Mebane Packaging Corporation to agree to <br /> provide financing for -the construction of an approximately 60, 000 <br /> square foot manufacturing building addition and the installation <br /> of a printing press and other equipment in such addition to be <br /> used to manufacture packaging for products for retail sale, such <br /> addition to be located on property owned by the Company located <br /> on Oakwood Street Extension, Mebane Industrial Park, Orange <br /> County, North Carolina and, accordingly, that Smith Helms Mulliss <br /> & Moore, as bond counsel for the Authority, had prepared and <br /> distributed such an agreement, that counsel for the Authority had <br /> reviewed the agreement, and that he believed that it was in order <br /> for the Authority to approve the proposed agreement and authorize <br /> its officers to execute the same. Joe Heldreth of <br /> Mebane Packaging reviewed the planned project, pointing out <br /> the jobs to be created and the need for the facilities to be <br /> financed. <br /> Thereupon, .Commissioner Tiemann introduced the <br /> following resolution which was read: <br /> RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT WITH <br /> MEBANE PACKAGING CORPORATION RELATING TO THE FINANCING <br /> OF AN INDUSTRIAL PROJECT IN ORANGE COUNTY, NORTH <br /> CAROLINA AND AUTHORIZING THE ISSUANCE OF BONDS OF THE <br /> AUTHORITY IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> APPROXIMATELY $5,500, 000 THEREFOR. <br /> BE IT RESOLVED by The Orange County Industrial <br /> Facilities and Pollution Control Financing Authority as <br /> follows : <br /> Section 1. The proposed Memorandum of Agreement relating to <br /> the financing of an industrial and manufacturing project (the <br /> "Project") for Mebane Packaging Corporation in Orange County, <br /> North Carolina is hereby approved in substantially the form <br /> presented at this meeting, and- the Chairman or the Vice Chairman <br /> and the Secretary or the Assistant Secretary of the Authority are <br /> hereby authorized to execute and deliver, for and on behalf of <br /> the Authority, counterparts of such Memorandum of Agreement, with <br /> such changes, additions and omissions as they may approve, their <br /> execution and delivery thereof being conclusive evidence of their <br /> approval of any such changes, additions and omissions in the form <br /> presented at this. meeting. <br /> Section 2 . The Authority hereby agrees to issue, subject to <br /> the terms and in accordance with the provisions of Chapter 159C <br /> of the General Statutes of North Carolina, as amended, its bonds <br /> in one or more issues in an aggregate principal amount up to <br /> approximately $5 ,500, 000 to pay all or a portion pf the cost of <br /> the Project, all as set forth in the Memorandum of Agreement, the <br /> interest on said bonds to be exempt from federal income taxation <br /> 2 <br />