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WHEREAS, the Authority is authorized under the Industrial <br />and Pollution Control Facilities Financing Act, Chapter 1590 of <br />the General Statutes of North Carolina (the "Act "), to issue <br />revenue bonds for the purpose, among others, of paying all or any <br />part of the cost of any industrial or pollution control project <br />for industry; to acquire, construct, improve and equip any such <br />project; and to make and execute financing agreements, security <br />documents and other contracts and instruments necessary or con" <br />venient in the exercise of such powers; and <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 addition to an industrial facility located <br />on Oakwood Street Extension, Mebane Industrial Park, in Mebane, <br />in Orange County for the manufacture of packaging for products <br />for retail sale (the "Project ") , to be operated by Mebane <br />Packaging Corporation, a North Carolina corporation (the <br />"Company ") , the interest on said bonds to be exempt from federal <br />income taxation by virtue of the provisions of Section 103 of the <br />Internal Revenue Code of 1986, as amended or any successor <br />therefor; and <br />WHEREAS, the Authority intends to file an application for <br />approval of the Project with the Secretary of the Department of <br />Economic and Community Development (the "DECD"), as required by <br />the Act; and <br />WHEREAS, the DECD has, by regulation, provided that no <br />application for approval of a project will be officially received <br />until the governing body of the county from which the application <br />is made has, by resolution after having held a public hearing, <br />approved the issue of revenue bonds and approved in principle the <br />proposed project and a certified copy of such resolution has been <br />provided to the DECD; and <br />WHEREAS, the Board of County Commissioners, pursuant to <br />public notice duly given, has held a public hearing on the <br />proposed revenue bond issue and Project and has considered the <br />comments of persons who requested to be heard; and <br />WHEREAS, the Board of County Commissioners desires to <br />approve the issuance of revenue bonds and approve the Project in <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 bonds by the Authority in <br />an aggregate principal amount of up to $5,500,000 to finance <br />the Project is hereby approved. <br />(2) The Project is hereby approved in principle. <br />3 <br />