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g r� <br /> RESOLUTION OF <br /> ORANGE COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL <br /> FINANCING AUTHORITY <br /> AUTHORIZING THE AMENDMENTS TO <br /> DOCUMENTS FOR $5,200, 000 INDUSTRIAL REVENUE BONDS <br /> (MEBANE PACKAGING CORPORATION PROJECT) SERIES 1990 <br /> WHEREAS, The Orange County Industrial Facilities and <br /> Pollution Control Financing Authority (the "Authority") is a <br /> political subdivision and body corporate and politic of the state <br /> of North Carolina duly created pursuant to the provisions of <br /> Article V, Section 9 of the Constitution of North Carolina and <br /> Chapter 159C of the General Statutes of North Carolina, as amended <br /> (the "Act") ; and <br /> WHEREAS, the Authority issued and sold its Industrial <br /> Development Revenue Bonds (Mebane Packaging Corporation Project) <br /> Series 1990 in the aggregate principal amount of $5,200, 000 (the <br /> "Bonds") , pursuant to and in accordance with a Trust Indenture (the <br /> "Original Indenture") , dated as of September 1, 1990 between the <br /> Authority and Branch Banking and Trust Company (the "Trustee") . <br /> WHEREAS, pursuant to the Original Indenture, the <br /> Authority and Mebane Packaging Corporation, now known as MPC <br /> Packaging Corporation, a North Carolina corporation (the "Company") <br /> entered into a Loan Agreement dated as of September 1, 1990 <br /> pursuant to which the Authority made a loan of the proceeds of the <br /> Bonds to the Company (the "Original Loan Agreement") . <br /> WHEREAS, the Company has requested that the Trustee and <br /> the Authority amend the Original Indenture pursuant to the First <br /> Supplemental Trust Indenture dated as of , 1996 by and <br /> between the Trustee and the Authority (the "Supplemental Indenture" <br /> and together with the Original Indenture, the "Indenture") . <br /> WHEREAS, the amendments effectuated by the Supplemental <br /> Indenture would extend the maturity date on the Bonds from October <br /> 1, 2001 until January 1, 2006 and would revise the schedule of <br /> required repayments of principal with respect to the Bonds. As a <br /> result, a revised form of Bonds will need to be issued and a new <br /> Form 8038 will need to be filed with the Internal Revenue Service <br /> with respect to the Bonds. <br /> WHEREAS, the Company has also requested that the Issuer <br /> execute an amendment to Loan Agreement (the "Loan Amendment" and <br /> together with the Original Loan Agreement the "Loan Agreement") to <br /> reflect the amendment -set forth in the Supplemental Indenture. <br /> WHEREAS, the Company has determined to remove The Bank <br /> of New York as Remarketing Agent under the Indenture and to appoint <br /> First Union National Bank of North Carolina ( "First Union" ) as <br /> e <br /> C-378252.07245.01034 <br />