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WHEREAS, the Authority has determined to issue not exceeding <br /> 1 $1, 500,000 aggregate principal amount of its industrial develo - <br /> i <br /> i P <br /> ment revenue bonds to pay all or a portion of the cost of the <br /> Iacquisition of a tract of land of- approximately 20 acres located <br /> east of Hillsborough, North Carolina on State Road 1879 or <br /> e <br /> , <br /> 1 . Elizabeth Brady Road near the intersection of State Road 1879 and <br /> a- U.S. 70, the construction thereon of an approximately 30,000 <br /> it, <br /> 4, square foot building and the acquisition and installation therein <br /> 4 <br /> of machinery and equipment (the "Industrial Project") , which <br /> Industrial Project is to be owned and operated by <br /> Isotechnologies, Inc. a North Carolina corporation (the <br /> "Company") ; and <br /> WHEREAS, the Authority intends to file an application <br /> for <br /> approval of the Industrial Project with the Secretary of the <br /> Department of Commerce (the "Department" ) , as required by the <br /> Act; and <br /> WHEREAS, the Department has, by regulation, provided that no <br /> application for approval of a proposed industrial project by the <br /> Department will be officially received until the governing body <br /> of the county from which the application is made has, by <br /> resolution after having held a public hearing, approved the issue <br /> 1 <br /> of industrial development revenue bonds and approved the proposed <br /> industrial project and a certified copy of such resolution has <br /> been provided to the Department; and <br />■ 0 <br /> 5. <br /> ..T .w^• ■w:.• <br />