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0 RANGE C O U N T Y <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 4, 1990 <br />Action Agenda <br />Item # <br />SUBJECT: Industrial Revenue Bond Approval for Mebane Packaging <br />DEPARTMENT: Economic Development PUBLIC HEARING: Yes X No <br />ATTACHMENT(S): <br />1) Extract from Minutes of <br />Board of Commissioners <br />2) Extract from Minutes of <br />IRB Authority <br />INFORMATION CONTACT: <br />Ted Abernathy, ext. 2326 <br />Geoff Gledhill 732 -2196 <br />TELEPHONE NUMBERS: <br />Hillsborough - 732 -8181 <br />Durham - 688 -7331 <br />Mebane -- 227 -2031 <br />Chapel Hill - 967- 9251/968 -4501 <br />PURPOSE: To consider final approval for the issuance of $5.2 <br />million in Industrial Revenue Bonds by the Orange County Industrial <br />Facilities and Pollution Control Financing Authority to pay for all <br />or a portion of a facilities and equipment expansion of Mebane <br />Packaging Corporation. <br />BACKGROUND: On August 6, 1990, the Board approved the Mebane Packaging <br />Corporation IRB project in principle and approved the issuance of $5.5 <br />million in industrial revenue bonds. There is now a commitment by <br />First Union National Bank to buy the bonds. Final approval of the <br />issuance of the Authority's bonds is the last step for both the <br />Authority and the County Commissioners. <br />RECOMMENDATION: Approve the Resolution approving the issuance of the <br />Authority bonds for the Mebane Packaging Corporation Industrial Revenue <br />Bond. <br />1 <br />