Agenda - 06-24-1986 - Laserfiche WebLink

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intersection of State Road 1879 and U. S. 70, the construction thereon of an approximately 30, 000 square foot building and the acquisition and installation thereon of machinery and equipment (the "Project" ) to be used by the Company as a manufacturing facility, the borrowing under and issuance and performance of a revenue bond of the Authority pursuant to Section 9, Article V of the Constitution of North Carolina and Chapter 159C of the General Statutes of North Carolina, as amended, in a principal amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000)hereby authorized. Said Bond shall be designated "The OOrange County Industrial Facilities and Pollution Control Financing Authority Industrial Revenue Bond ( Isotechnologies, Inc. Project) " (herein referred to as the "Bond") , and the Bond shall be in substantially the form and shall have the terms and provisions set forth in the Bond Purchase Agreement (hereinafter mentioned) which has been presented to the Board at this meeting, or the Vice Chairman and the Secretary or any AssistanteSecretary of the Authority are hereby authorized to execute and deliver the Bond for and on behalf of the Authority in substantially such form with such changes therein, additions thereto and omissions therefrom as those executing the Bond shall approve, their execution and delivery thereof constituting the conclusive approval of the Authority of any changes therein, additions thereto and omissions therefrom. Section 8. The Bond shall be sold to the Purchaser pursuant to the terms and provisions of the Bond Purchase Agreement in the form that has been presented to the Board at this meeting. The terms and conditions on which the Purchaser has agreed to purchase the Bond, as set forth therein, are hereby approved and accepted; the Authority hereby confirms its agreement to sell the Bond bearing interest at a rate per annum (except as therein provide equal to 70% of the Prime Rate (as defined in the Loan Agreement) for the first six months from the date of the Bond and 65% of the Prime Rate thereafter; provided, however, that such tax-exempt rate of interest shall not exceed 12 .5% nor be less than 4.5%, to the Purchaser at the purchase price of 100% of the principal amount thereof and otherwise upon the terms and conditions set forth in the Bond Purchase Agreement; and the Chairman or the Vice Chairman and the Secretary or any Assistant Secretary of the Authority are hereby authorized to execute and deliver the Bond Purchase Agreement, in any number of signed counterparts, for and on behalf of the Authority in substantially such form with such changes therein, additions thereto and omissions therefrom as those executing the Bond Purchase Agreement shall approve, their execution and delivery thereof constituting the conclusive approval of the Authority of any changes therein, additions thereto or omissions therefrom, and the same are hereby further authorized to deliver the Bond to the Purchaser upon evidence 4.