Minutes - Dec. 7, 2015 Reg. Meeting

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BK -00027 PG -0984 Thereupon, Assistant County Manager/Finance Director Lisa Minter introduced the following resolution the title of which was read and a copy of which had been previously distributed to each Commissioner: RESOLUTION MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE REFINANCING OF CERTAIN OUTSTANDING INSTALLMENT FINANCING OBLIGATIONS OF THE COUNTY PURSUANT TO AN INSTALLMENT FINANCING CONTRACT AND REQUESTING THE LOCAL GOVERNMENT COMMISSION TO APPROVE THE FINANCING ARRANGEMENT BE IT RESOLVED by the Board of Commissioners (the "Board") for the County of Lee, North Carolina (the "County") as follows: Section 1. The Board does hereby find and determine as follows: (a) The County desires to refinance certain installment financing obligations with respect to all or a portion of the outstanding Certificates of Participation (Public Facilities Projects), Series 2006, dated December 20, 2006 (the "Series 2006 Certificates"), the proceeds of which were used to pay the costs of (i) constructing and equipping a new public middle school facility and a new multi-purpose room for the Floyd L. Knight School, (ii) constructing and equipping a new parks and recreation facility, (iii) renovating various facilities at Central Carolina Community College and (iv) installing a new roof and other related improvements to the County's Civic Center. (b) After due consideration, the Board has determined to enter into an Amendment Number Three to the Installment Financing Contract (the "Third Amendment"), between the County and Lee County Development Corporation (the "Corporation"), supplementing and amending an Installment Financing Contract, dated as of January 1, 2004, as heretofore supplemented and amended (the "Original Contract" and, together with the Third Amendment, the "Contract"), between the County and the Corporation, to provide for an advancement 3