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w <br /> County Managers <br /> -Z- May- B, 1979 <br /> periods for review in part because of its ability to rely on <br /> bond counsel. concerned with the affected county's interest <br /> to bring critical matters to the Commission's attention. <br /> Were the Commission not able so to rely on bond counsel, the <br /> Commission would be forced to adopt detailed regulations and <br /> procedures establishing formal application procedures for its <br /> approval of bonds issued under Chapter 1590. <br /> North Carolina's industrial development bond financing program has already <br /> been criticized by some in the investment banking community as characterized by <br /> too much red tape. While we do not share such an evaluation of the application <br /> process, both the Department of Commerce and the commission are sensitive to <br /> such complaints and are making efforts to streamline the process. Accordingly, <br /> we are most reluctant to adopt additional regulations, procedures, and application <br /> forms Uhich would serve only to delay unnecessarily industrial development <br /> financing. <br /> In order for Local Government Commission staff to make a timely review of <br /> industrial development bond financing applications and recommend approval by the <br /> Commission, we strongly recommend that the county require that each industrial <br /> development authority employ for each financing under Chapter 1590 the bond <br /> counsel regularly employed by the county which created such authority. <br /> We trust you will advise with the authority created by your county so that <br /> many of the problems we have experienced to date will be held to a minimum. <br /> Please let me know if you should have any questions or if you wish to <br /> comment on your present arrangements. <br /> dAP:lp <br /> cc.: Chairman, County Industrial. Facilities and <br /> p6nuttion Control Financing Authority <br />