2010 - 03-01-10 Regular Meeting - Laserfiche WebLink

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raK 23 i'A,,:329 The Board of Commissioners for the County of Lee, North Carolina, met in a regular meeting in Commissioners' Room, Lee County Government Center, 106 Hillcrest Drive in Sanford, North Carolina, the regular place of meeting, at 3:00 p.m. on March 1, 2010. Present: Chairman Richard B. Hayes, presiding, and Commissioners W l rympll e, KK_PI I Y, Oldham, Paschal, Reives and Shook Absent: N/A Also Commissioner Oldham introduced the following resolution the title of which was read and copies of which had been distributed to each Commissioner: RESOLUTION GRANTING PRELIMINARY APPROVAL OF A FINANCING FOR IMPROVEMENTS TO LEE COUNTY HIGH SCHOOL AND REQUESTING VOLUME CAP ALLOCATION FROM THE NORTH CAROLINA TAX REFORM ALLOCATION COMMITTEE FOR THE ISSUANCE OF RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS FOR SUCH PROJECT WHEREAS, the County of Lee, North Carolina (the "County") intends to enter into an installment financing agreement (the "Agreement") pursuant to Section 160A-20 of the General Statutes of North Carolina, as amended, for the purpose of providing funds, together with any other available funds, to pay the costs of renovating and improving existing facilities and the construction and equipping of an addition to Lee County High School (collectively, the "Project"); and WHEREAS, the total amount of the financing for the Project is expected to be approximately $19,980,000, of which $3,980,000 is expected qualify as "qualified zone academy bonds" and $4,000,000 is expected to qualify as "qualified school construction bonds" within the meaning of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, pursuant to a resolution adopted by the Board of Commissioners on November 2, 2009, the Board has designated the entirety of the County as a "recovery zone" within the meaning of the Code; and WHERES, the County has determined to request volume cap allocation in an amount not to exceed $12,000,000 authorizing the issuance by the County of "recovery zone economic development bonds" under the Code to finance the balance of the costs of the Project;