2010 - 04-05-10 Regular Meeting - Laserfiche WebLink

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Dalrymple from participating and voting on the installment financing agreement as stated above. Upon a vote, the results were as follows: Aye: Hayes, Kelly, Oldham, Paschal, Reives, and Shook Nay: None Abstain: Dalrymple The Chairman ruled the motion had been adopted unanimously. Mr. Hayes announced that a public hearing was scheduled for public comments on one or more proposed installment financing agreements to be entered into by the County of Lee pursuant to Section 160A-20 of the General Statutes of North Carolina in an aggregate principal amount not to exceed $20,000,000 for the purpose of financing the costs of renovating and improving existing facilities and constructing and equipping an addition to Lee County High School. If the County enters into an agreement, its obligations will be secured by a deed of trust on the site of the project, together with all improvements and fixtures located or to be located thereon. The County will also acquire the site of the project, which site will be leased to the Lee County Board of Education to be used for school purposes. Such lease will be subordinate to the lien created by the deed of trust. County Manager John Crumpton and Mr. Ted Cole from Davenport presented facts and financing options and stated that two proposals had been received, one from BB&T and one from Bank of America. Mr. Cole presented financing options for the award to be presented to BB&T. Chairman Hayes opened the public hearing that had been advertised for this date and time. The following spoke in favor of the financing project with BB&T for renovations to Lee Senior High School: 1. Mr. Bill Tatum, 2511 Wellington Drive, Sanford, Chairman of the Lee County Board of Education; and 2. Mr. Keith Clark, 212 Acorn Drive, Sanford No one present spoke in opposition to the financing project as presented. Chairman Hayes closed the public hearing. Commissioner Shook introduced and moved to approve a Resolution Accepting the Proposal of Branch Banking & Trust (BB&T) in Connection with an Installment Financing for Various Governmental Equipment, a copy of which is attached to these minutes and by this reference made a part hereof. Upon a vote, the results were as follows: Aye: Hayes, Kelly, Oldham, Paschal, Reives, and Shook Nay: None Abstain: Dalrymple The Chairman ruled the motion had been adopted unanimously. Commissioner Reives introduced and moved to approve a Resolution Making Certain Findings and Determinations Regarding the Proposed Financing of Public School Improvements for the County Pursuant to an Installment Financing Agreement and Requesting the Local Government Commission to Approve the Financing Arrangement, a copy of which is attached to these minutes and by this reference made a part hereof. Upon a vote, the results were as follows: 4