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7 <br />The Chairman of the Authority announced that the Authority <br />had been requested by Mebane Packaging Corporation to agree to <br />provide financing for the construction of an approximately 60,000 <br />square foot manufacturing building addition and the installation <br />of a printing press and other equipment in such addition to be <br />used to manufacture packaging for products for retail sale, such <br />addition to be located on property owned by the Company located <br />on Oakwood Street Extension, Mebane Industrial Park, Orange <br />County, North Carolina and, accordingly, that Smith Helms Mulliss <br />& Moore, as bond counsel for the Authority, had prepared and <br />distributed such an agreement, that counsel for the Authority had <br />reviewed the agreement, and that he believed that it was in order <br />for the Authority to approve the proposed agreement and authorize <br />its officers to execute the same. Joe Heldreth of <br />Mebane Packaging reviewed the planned project <br />pointing out <br />the jobs to be created and the need for the facilities.to be <br />financed. <br />Thereupon, Commissioner <br />Tiemann <br />following resolution which was read: <br />introduced the <br />RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT WITH <br />MEBANE PACKAGING CORPORATION RELATING TO THE FINANCING <br />OF AN INDUSTRIAL PROJECT IN ORANGE COUNTY, NORTH <br />CAROLINA AND AUTHORIZING THE ISSUANCE OF BONDS OF THE <br />AUTHORITY IN THE AGGREGATE PRINCIPAL AMOUNT OF <br />APPROXIMATELY $5,500,000 THEREFOR. <br />BE IT RESOLVED by The Orange County Industrial <br />Facilities and Pollution Control Financing Authority as <br />follows: <br />Section 1. The proposed Memorandum of Agreement relating to <br />the financing of an industrial and manufacturing project (the <br />"Project ") for Mebane Packaging Corporation in Orange County, <br />North Carolina is hereby approved in substantially the form <br />presented at this meeting, and the Chairman or the Vice Chairman <br />and the Secretary or the Assistant Secretary of the Authority are <br />hereby authorized to execute and deliver, for and on behalf of <br />the Authority, counterparts of such Memorandum of Agreement, with <br />such changes, additions and omissions as they may approve, their <br />execution and delivery thereof being conclusive evidence of their <br />approval of any such changes, additions and omissions in the form <br />presented at this meeting. <br />Section 2. The Authority hereby agrees to issue, subject to <br />the terms and in accordance with the provisions of Chapter 159C <br />of the General Statutes of North Carolina, as amended, its bonds <br />in one or more issues in an aggregate principal amount up to <br />approximately $5,500,000 to pay all or a portion of the cost of <br />the Project, all as set forth in the Memorandum of Agreement, the <br />interest on said bonds to,be exempt from federal income taxation <br />