Title
Appointments- Industrial Facilities & Pollution Control Financing Authority
Action
ACTION:
Nominations/Appointments are needed on the Industrial Facilities & Pollution Control Financing Authority to fill two (2) six-year terms.
Applications are attached.
Staff Contact: Kristine M. Smith, Clerk to the Board
Madison Little, Assistant Clerk
Presentation: No
BACKGROUND/JUSTIFICATION:
Appointments are needed on the above-said board. Charles "Charlie" Stewart has been a member of this Authority since 2002. He resigned from the authority this year, but is willing to return to assist until his replacement is found.
In 1976, pursuant to NCGS § 159C-4, the Mecklenburg Board of Commissioners established "The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority" (“the Authority”) to act as a conduit bond issuer for industrial development bonds to finance new and expanding businesses in the County. The Authority consisted of seven members appointed by the Board of County Commissioners who would serve six-year terms. The Authority was authorized under the Act to issue revenue bonds for the purposes authorized by the Act. In 2007 the Act was amended to broaden the scope of the Authority’s powers to include the issuance of bonds for the benefit of various nonprofit entities and purposes, referred to in the Act as “special purpose projects.” In 2010, the Authority issued its Special Purpose Project Revenue Bond (Thompson Child & Family Focus Project), Series 2010A in the amount of $2,440,000 and its Special Purpose Project Revenue Bond (Thompson Child & Family Focus Project), Series 2010B in the amount of $9,120,000 (collectively, the “2010 Bonds”) pursuant to a bond purchase and loan agreement that was executed on October 1, 2010 between the AUTHORITY, BRANCH BANKING AND TRUST COMPANY (“BB&T,” now Truist), the "Purchaser" and THOMPSON CHILD & FAMILY FOCUS, a North Carolina nonprofit corporation (the...
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