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00 <br /> Section 1. The Board of Commissioners has determined and <br /> does hereby declare as follows: <br /> (a) The Board of Commissioners of The Orange County <br /> Industrial Facilities and Pollution Control Financing Authority <br /> (herein referred to as the "Authority") has met and has taken the <br /> following action in connection with the proposed issuance and sale <br /> of the Authority' s Industrial Revenue Bond (Isotechnologies, Inc. <br /> Project) , in a principal amount not to exceed $1,500,000: <br /> 1. approved the form of a Loan Agreement, to be dated <br /> as of July 1, 1986, by and between the Authority and <br /> Isotechnologies, Inc. (the "Company" ) ; <br /> 2 . approved and authorize the endorsement without <br /> recourse and pledge of. a promissory note of the Cappany, to <br /> be dated as of July 1, 1986; <br /> 3 . approved the form of an. Assignment, to be dated as <br /> of July 1, 1986, from the Authority to NCNB National Bank of <br /> North Carolina (the "Purchaser" ) ; <br /> 4. authorized the borrowing under and the issuance and <br /> performance of the Authority' s Industrial Revenue Bond <br /> ( Isotechnologies, Inc. Project) , in a principal amount not to <br /> exceed $1,500, 000, and direct the execution and delivery of <br /> said Bond; <br /> 5. approved the form of the Bond Purchase Agreement, to <br /> be dated as of July 1, 1986, by and among the Authority, the <br /> 2. <br />