Minutes - Dec. 21, 2015 Reg. Meeting

Home Browse Search

BK -00027 PG -1041 A list of all persons making comments and a summary of such comments are attached as Exhibit B. The public hearing was closed. All statements and comments by participants of the public hearing were duly considered by the Board of Commissioners. Thereupon, Commissioner Dalrymple introduced the following resolution the title of which was read and copies of which had been previously distributed to each Commissioner: RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDMENT NUMBER THREE TO THE INSTALLMENT FINANCING CONTRACT AND RELATED DOCUMENTS IN CONNECTION WITH THE REFINANCING OF CERTAIN INSTALLMENT FINANCING OBLIGATIONS OF THE COUNTY BE IT RESOLVED by the Board of Commissioners (the "Board") for the County of Lee, North Carolina (the "County"): Section 1. The Board does hereby find and determine as follows: (a) The Board has determined to refinance all of the County's installment financing obligations evidenced by Certificates of Participation (Public Facilities Projects), Series 2006, dated December 20, 2006 (the "2006 Certificates"), currently outstanding in the principal amount of $21,600,000, 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 a public hearing and due consideration, the Board has determined that the most efficient manner of refinancing all of the County's obligations with respect to the 2006 Certificates will be through the execution and delivery of an Amendment Number Three to the Installment Financing Contract, to be dated as of the date of delivery thereof (the "Third Contract 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 supplemented and amended (the "Original Contract" and, together with the Third Contract Amendment, the "Contract"), between the County and the Corporation, pursuant to which the Corporation will advance to the County amounts sufficient to pay the costs of refunding all of the outstanding 2006 Certificates (the "Refunded 2006 Certificates") and paying certain financing costs relating thereto (the "Advancement"), and the County will repay the Advancement in installments, with interest (the "Installment Payments"). 2