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B K 00026 PG 05?3 <br />LEE COUNTY <br />Committed Today for a Better Tomorrow <br />RESOLUTION BY THE LEE COUNTY BOARD OF COMMISSIONERS CLARIFING THE <br />USE OF THE AIRPORT RESERVE FUND BY THE SANFORD -LEE COUNTY REGIONAL <br />AIRPORT AUTHORITY <br />WHEREAS, the City of Sanford and the Lee County Board of Commissioners established the Airport <br />Tax Reserve Fund as part of their cooperative Inter -local agreement that formed the Sanford /Lee <br />County Regional Airport Authority; and <br />WHEREAS, the intended use of the Reserve Fund was to accumulate funds that the Authority could <br />use for capital and operational expenditures with the consent of both the City of Sanford and Lee <br />County; and <br />WHEREAS, Lee County transferred $270,000 to the Airport Authority to purchase a hangar that would <br />be renovated and expanded for use by the North Carolina Forestry Service; and <br />WHEREAS, when the funds were transferred by the Commissioners that motion stated the funds were <br />a "transfer" to the Authority, however the Airport Auditors reported to the North Carolina Local <br />Government Commission that the funds were a loan; ,and <br />WHEREAS, due to conditions out of the control of the Authority, an 18 month delay in the signing of the <br />Forestry lease has caused the Authority to change their capital funding plan; and <br />WHEREAS, the Authority is nearing the completion of the repaving, lighting and enhancement project <br />and needs to clarify and balance the project fund. <br />NOW, THEREFORE, BE IT RESOLVED that the Lee County Board of Commissioners understands <br />that the original disbursement to the Airport Authority for the purchase of the Southeast Aviation <br />Hanger, will not be repaid and that those funds are now being used by the Authority as the 10 percent <br />match on the paving, lighting and rehabilitation project at the Airport with the Commissioners consent. <br />AND, BE IT FUTHER RESOLVED, that the Board of County Commissioners authorizes the additional <br />disbursement of $65,000 from the fund so the Airport Authority will be able to provide the full 10 percent <br />match on the $3,400,000 project. <br />Adopted this 5th day of May 2014. <br />AT'JEST <br />rd <br />' a - ^ rr <br />e' <br />w <br />Charles T. Parks, Chairman <br />Lee County Board of Commissioners <br />