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23 <br />the Authority is authorized under the industrial <br />WHEREAS, <br />and Pollution Control f NorthiCarolinac(theA "Act"), to issue °f <br />the General statutes of North among others, of paying all or any <br />revenue bonds for the purpose, <br />part of the cost of any industrial or pollution control project <br />construct, improve and equip any <br />for industry; to acquire, g a reements, security <br />project; and to make and execute financing <br />documents and other contracts and instruandts necessary or con- <br />venient in the exercise of <br />WHEREAS, the Authority has determined to issue its revenue <br />bonds to pay all or a portion of the costs of the construction <br />and installation of an aeon, MebaneaIndustrialaPark, in Mebane, <br />on Oakwood Street Extens , for products <br />in orange county for the manufacture of packaging Mebane <br />g "Project"), to be operated by <br />for retail sale (the Project ), <br />Packaging Corporation, a North Carolina corporation (the <br />on said <br />"Company "), the interest bro�iSiOnseofxSectiono103eofrthe <br />income taxation by virtue of the p <br />Internal Revenue Code of 1986, as amended or any successor <br />therefor; and <br />intends to file an application for <br />WHEREAS, the Authority of the Department of <br />approval of the Project w elopment e(thearDECD"), as required by <br />Economic and Community Dev <br />the Act; and <br />re ulation, provided that no <br />WHEREAS, the DECD has, by ro ect will be officially received <br />application for approval of a P � from which the application <br />until the governing body of the County <br />is made has, by resolution after having held a public hearing, <br />the <br />approved the issue of revenue bonds and approved in principle <br />pp of such resolution has been <br />.proposed project and a certified copy <br />provided to the OECD; and <br />Commissioners, pursuant to <br />Comm <br />WHEREAS, the Board of County iss hearing on the <br />public notice duly given, has held a public <br />osed revenue band issue and Project and has c <br />comments of persons who requested onsidered the <br />Prof uested to be heard; and <br />WHEREAS, the Board of County Commissioners desires to <br />rove onds and approve the Project in <br />approve the issuance of revenue b <br />principle; NOW, THEREFORE, <br />BE IT RESOLVED by the Board of County Commissioners of the <br />County of Orange as follows: <br />(1) The issuance of revenue bands by the Authority in <br />500,000 to finance <br />an aggregate principal amount f up to $5, <br />the Project is hereby approved. <br />(Z) The Project is hereby .approved in principle. <br />3 <br />