October 15, 1979 - 7:00 PM - County Board of Commissioners Meeting Minutes (Special)

Meeting Board of Commissioners for the County of JohnstonOctober 15 1979The Board of Commissioners of the County of Johnston, Smithfield, NorthCarolina, met in special session at the County Courthouse, Commissioners Room,the regular meeting place, at 7 oclock, pm, on October 15,1979 The followingcommissioners were presentJohn M Booker, DVM, J E Rogerson, and James W CashAbsent Norman C Denning, Chairman and Frank B Holding, Vice ChairmanDue to the absence of Norman C Denning, Chairman, and Frank B Holding,Vice Chairman; Commissioner James W Cash moved that CommissionerJohn M Bookerbe elected temporary chairmanCommissioner J E Rogerson seconded the motion which was carriedunanimouslyWilliam R Britt, County Legal Counselor , was also present at this meeting1 Revenue Bonds - Burlington Industries, IncorporatedA representative of The Johnston County Industrial Facilities and PollutionControl Financing Authority appeared before the Board and advised the Board thatthe Authority had adopted a bond resolution authorizing the issuance of revenuebonds in the aggregate principal amount of 3,500,000 to finance industrialfacilities in the County for Burlington Industries, Inc the Company Therepresentative delivered to the Board a draft of the Bond Purchase Agreementproposed to be entered into by the Authority with the Company and Thornton, Farish Gauntt, Inc the Underwriter and advised the Board that drafts of other basicfinancing documents, including a Trust Indenture between the Authority and FirstUnion National Bank of North Carolina, as Trustee, and a Loan Agreement between theAuthority and the Company, were available for inspection in the office of the Clerkof the County Board The representative further stated that the Bond PurchaseAgreement set forth the terms of the revenue bond financing, including the proposedissuance and sale of the bonds to the Underwriter at a price of 988 of theprincipal amount thereof plus accrued interest and requested that the Board approvethe issuance of the bonds A discussion of the bond issue ensuedCommissioner J E Rogerson introduced the following resolution which wasread at lengthWHEREAS, the Board of County Commissioners has created a political sub -division and body corporate and politic of the State of North Carolina known asThe Johnston County Industrial Facilities and Pollution Control FinancingAuthority the Authority ; andWHEREAS, the Authority is authorized under the Industrial and PollutionControl Facilities Financing Act, Chapter 159C of the General Statutes of NorthCarolina, as amended the Act , to issue revenue bonds for the purpose amongothers, of paying all or any part of the cost of any industrial project for industrto acquire, construct and equip any such project, and to make and execute financingagreements, security documents and other contracts and instruments necessary orconvenient in the exercise of such powers; andWHEREAS, the Authority proposes to issue its revenue bonds in the aggregateprincipal amount of 3,500,000 the Bonds , to finance the acquisition, con-struction and installation of certain industrial facilities at the SmithfieldSpinning Plant of Burlington Industries, Inc the Project and to loan theproceeds of the Bonds to Burlington Industries, Inc; andWHEREAS, the Board has heretofore approved the Project in principle; andWHEREAS, the Act provides that no bonds shall be issued thereunder unlessthe issuance thereof shall have been approved by the governing body of the Countyand the Board desires to approve the issuance of the Bonds by the Authority; andWHEREAS, the Board has considered the Bond Purchase Agreement presented toit setting forth the terms of the revenue bond financing; NOW, THEREFORE,BE IT RESOLVED by the Board of County Commissioners of the County ofJohnston, as follows1 The issuance of the Bonds by the Authority is hereby approved2 The Clerk of the Board of Commissioners is hereby authorized anddirected to provide certified copies of this resolution to the Local GovernmentCommission, Department of Commerce of North Carolina and Bond CounselOctober 15, 1979 Cont3 This resolution shall take effect immediately upon its passageCommissioner J E Rogerson moved the passage of the foregoing resolutionand Commissioner James W Cash seconded the motion, and the resolution was passedby the following voteAYES John M Booker, DVM, Acting Chairman, J E Rogerson and James WCash;NAYS NoneThere being no other business to come before the board, CommissionerJames W Cash moved the meeting be adjournedCommissioner J E Rogerson seconded the motion which was carriedunanimouslyJohn M Booker, DVMTemporary ChairmanOd 0 - , - i A a 64—?leanor N Creech, ClerkPage 621 - Memo No 79 -80 # 7 FiledReference to October, 1, 1979 RoArd Meeting Pages 618 F- 624The following item was brought to the attention of the board,by the CountyAdministrator;On Friday, September 7, 1979, Ragsdale Engineers, Frank Stephenson, met withthe Town of Smithfield, Town of Clayton, and the West Smithfield SanitaryDistrict officers The meeting served to introduce and familiarize theoperation and maintenance personnel of each town with the referencedsubjectMaintenance of Smithfield — Clayton Waterline water supply systemEach town and or sanitary district will operate and maintain the system asfollowsTown or Sanitary DistrictTown of SmithfieldTown of ClaytonWest Smithfield Sanitary DistrictOperation and Maintenance JurisdictionFrom the east side of the new meter vaultincluding meter vault located on U S70 Highway at Westview Subdivision to theeast side of Booster Station No 2excluding Booster Station No 2Operation and maintenance will includeBooster Station No 1, the Bethesdaelevated tank, and related 16 inch watertransmission mainFrom the east side of Booster Station No2 including Booster Station No 2 andrelated 16 inch water main to the Townof ClaytonFrom the west side of the water metervault at the U S, 70 bridge to the eastside of the new water meter vault atWestview Subdivision excluding metervault,?Iifi?a