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J. Pledge Agreement dated as of September 1, 1990. <br />K. Form of Private Placement Memorandum. <br />Mr. stated that he had reviewed these <br />documents and in 91s opinion, they are in order. The documents <br />presented were delivered to the Secretary of the Authority and <br />directed to be marked Exhibits A, B, C, D, E, F, G, H, I, J and K <br />respectively, and made a part of the permanent records of the <br />Authority. Mr. introduced the following resolu- <br />tion, the title of which was read aloud: <br />BOND RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF <br />$5,200,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS (MEBANE <br />PACKAGING CORPORATION PROJECT) SERIES 1990 AND THE EXECUTION <br />AND DELIVERY OF A TRUST INDENTURE, A LOAN AGREEMENT AND <br />OTHER DOCUMENTS. <br />WHEREAS, the Authority is authorized under the Industrial <br />and Pollution Control Facilities Financing Act, Chapter 159C of <br />the General Statutes of North Carolina, as amended (the "Act "), <br />to issue revenue bonds for the purpose, among others, of paying <br />all or any part of the cost of an industrial project for <br />industry, to acquire, construct and equip any such project and to <br />make and execute financing agreements, security documents and <br />other contracts and instruments necessary or convenient in the <br />exercise of such powers; and <br />WHEREAS, Mebane Packaging Corporation, a North Carolina <br />corporation (the "Company "), has requested the Authority to issue <br />its industrial development revenue bonds in the aggregate <br />principal amount up to $5,200,000 (the "Bonds "), and loan the <br />proceeds thereof to the Company to finance the acquisition, <br />construction and installation of industrial facilities (the <br />"Project ") in Orange County, North Carolina as described in the <br />Loan Agreement referred to below; and <br />WHEREAS, there have been submitted to this meeting forms of <br />the following documents: <br />(a) Trust Indenture dated as of September 1, 1990 <br />(the "Trust Indenture "), between the Authority and <br />Branch Banking and Trust Company (the "Trustee ") with a <br />form of the Authority's Industrial Development Revenue <br />Bonds (Mebane Packaging Corporation Project) in the <br />aggregate principal amount of $5,200,000 dated as of <br />September 1, 1990 (the "Bonds ") contained therein; <br />(b) Loan Agreement dated as of <br />(the "Loan Agreement "), between the <br />Company with the form of Promissory <br />(the "Note ") attached thereto; <br />2 <br />September 1, 1990 <br />Authority and the <br />Note of the Company <br />7 <br />