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127 <br />approval of the Project with the Secretary of the Department of Economic <br />and Community Development (the "DECD"), as required by the Act, and <br />WHEREAS, the DECD has, by regulation, provided that no <br />application for approval of a project will be officially received until <br />the governing body of the County from which the application is made has, <br />by resolution after having held a public hearing, approved the issue of <br />revenue bonds and approved in principle the proposed project and a <br />certified copy of such resolution has been provided to the DECD; and <br />WHEREAS, the Board of County Commissioners, pursuant to public <br />notice duly given, has held a public hearing on the proposed revenue <br />bond issue and Project and has considered the comments of persons who <br />requested to be heard; and <br />WHEREAS, the Board of County Commissioners desires to approve the <br />issuance of revenue bonds and approve the Project in principle; NOW, <br />THEREFORE <br />BE IT RESOLVED by the board of County Commissioners of the County <br />of Orange as follows: <br />(1) The issuance of revenue bonds by the Authority in <br />an aggregate principal amount of up to $5,500,00 to finance the <br />Project is hereby approved. <br />(2) The project is hereby approved in principle <br />(3) The Clerk of the Board of Commissioners is hereby <br />authorized and directed to provide a certified copy of this <br />resolution to the DECD. <br />(4) The Board of County Commissioners hereby requests <br />that the State of North Carolina, pursuant to Chapter 588 of the <br />1987 North Carolina General Session Laws, or any other executive <br />order or legislation relating to volume limitations on tax -- exempt <br />financing, allocate to the above - described revenue bonds and <br />Project $5,500,000 of "unified volume limitation" (as described <br />in said Session Laws or in any such other executive order or <br />legislation) , and acknowledges that any such allocation shall be <br />only for purposes of said Project and that any portion of such <br />allocation not utilized in connection with such bonds and Project <br />or which terminates or expires as provided in said Session Laws <br />will, without further action, revert to the State of North <br />Carolina, and there is hereby approved the application by the <br />Authority for such an allocation. <br />(5) This resolution shall take effect immediately upon its <br />passage. <br />J. Commissioner Willhoit moved the passage of the foregoing <br />resolution and Commissioner Marshall seconded the motion, and the <br />