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BK -00026 PG-0547 <br />PROPOSED ISSUANCE OF COMMUNITY COLLEGE BONDS BY THE COUNTY" was <br />passed by the following vote: <br />Ayes: Parks, Smith, Knecht and Womack <br />Noes: Reives, Dalr Mple and Frazier <br />Thereupon, Finance Director Lisa Minter introduced the following resolution the title <br />of which was read and copies of which had been previously distributed to each Commissioner: <br />RESOLUTION OF THE COUNTY OF LEE, NORTH CAROLINA <br />DECLARING ITS OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES UNDER UNITED STATES DEPARTMENT OF <br />TREASURY REGULATIONS <br />BE IT RESOLVED, by the Board of Commissioners (the "Board ") for the County of <br />Lee, North Carolina (the "County ") as follows: <br />Section 1. The Board hereby finds, determines and declares the following: <br />(a) Section 1.150 -2 of the Treasury Regulations (the "Regulations ") prescribes specific <br />procedures which will be applicable to certain bonds or notes issued by or on behalf of the <br />County including, without limitation, a requirement that the County declare its official intent to <br />reimburse certain expenditures with proceeds of debt to be incurred by the County prior to, or <br />within sixty (60) days of, payment of the expenditures to be reimbursed. <br />(b) The County intends to advance its own funds in order to pay certain capital costs (the <br />"Original Expenditures ") relating to the acquisition, construction, renovation, expansion, <br />improvement and equipping of various community college facilities for Central Carolina <br />Community College (collectively, the "Project'). <br />(c) The County reasonably expects to reimburse itself for the Original Expenditures from <br />the proceeds of debt to be incurred by the County. <br />4 <br />