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• <br /> • <br /> • <br /> =D 12 <br /> WHEREAS, Executive Order 113 of the Governor of the State of <br /> North Carolina provides', that prior to the time that the volume <br /> capacity with respect to private activity bonds set forth in the <br /> Deficit Reduction Act of 1984 is allocated to the Industrial <br /> Project, application must be made. to the Department; and <br /> WHEREAS, the Board, pursuant to public notice duly given, <br /> has held a public hearing on the proposed industrial development <br /> revenue bond issue and Industrial Project and has considered the <br /> comments of persons who requested to be heard; and <br /> WHEREAS, the Board desires to approve the issuance of the <br /> industrial development revenue bonds and the Industrial Project; <br /> NOW, THEREFORE, <br /> BE IT RESOLVED by the Board as follows: <br /> 1. The issuance of not exceeding $1,500,000 aggregate <br /> principal amount of industrial development revenue bonds of the <br /> Authority to finance the Industrial Project is hereby approved. <br /> 2. The Industrial Project is hereby approved. <br /> 3. The Clerk to the Board is hereby directed to apply to <br /> the Department for an allocation in an amount not to exceed <br /> $1, 500,000 pursuant to Executive Order 113 of the Governor of the <br /> State of North Carolina, such application to be evidenced by <br /> sending a certified copy of this resolution to the Department. <br /> Any such allocation shall be only for purposes of the Industrial <br /> Project. <br /> 6 . <br />