Minutes - Dec. 21, 2015 Reg. Meeting

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BK -00027 PG -1040 The Board of Commissioners for the County of Lee, North Carolina met in a regular meeting in the Commissioners' Room at the Lee County Government Center, 106 Hillcrest Drive in Sanford, North Carolina, the regular place of meeting, at 4:00 p.m. on December 21, 2015. Present: Chair Amy M. Dalr nMple, presiding, and Commissioners Dr. Ricky D. Frazier Dr. Andre Knecht, Larry "Doc" Oldham, Robert T. Reives, Timothy S. Sloanand Kirk D. Smith Absent: Also present: County Manager John Crumpton, Assistant County Manager/Finance Director Lisa Minter, and Clerk to the Board Gavnell Lee At 6:00 p.m., the Chair announced that this was the hour and day of the public hearing on a proposed installment financing contract (the "Contract") to be entered into by the County of Lee, North Carolina (the "County") pursuant to Section 160A-20 of the General Statutes of North Carolina in the aggregate principal amount not to exceed $23,250,000 for the purpose of (a) refinancing all or a portion of the County's installment financing obligations relating to the 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, and (b) paying certain financing costs related thereto. If the County enters into the Contract, its obligations thereunder will be secured by a deed of trust on all or a portion of the sites of the facilities financed by the Series 2006 Certificates, together with all improvements and fixtures located or to be located thereon. Section 160A -20(g) of the General Statutes of North Carolina requires that the County hold a public hearing prior to entering into the Contract. The Chair acknowledged due publication of the notice of public hearing in a newspaper with a general circulation in the County and directed the Clerk to the Board of Commissioners to attach the affidavit showing publication in said newspaper on a date at least ten (10) days prior to the date hereof as Exhibit A. The Chair then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on the advisability of the proposed refinancing as described above.