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WOK 23 % X19 <br />this would bring the total borrowed to $22,677,688 with the total payments <br />equaling $26,053,557 over the 15 years. Interest makes up $3,375,869 of the <br />payback amount. The net interest rate on the additional borrowing will be 3.52 <br />percent. It is proposed the additional'/4-cent sales tax that will start on July 1st be <br />used to pay back this borrowing. $20.5 million can be used for construction of <br />the additional borrowing if approved and $17.9 million if the additional amount is <br />not approved". <br />At this time, Chairman Hayes opened the public hearing that had been advertised for <br />this date and time to determine whether to enter into one or more installment financing <br />agreements for the purpose of paying the costs of renovating and improving existing facilities <br />and constructing and equipping an addition to Lee County High School. <br />The following individual spoke in opposition to the additional funding request: <br />• Mr. Russell Noel, 1413 Cherokee Trail, Sanford <br />The following individuals spoke in favor of the additional funding request: <br />• Dr. Lynn Smith, 1502 Gormly Circle, Sanford <br />• Mr. Chet Mann, 1508 Von Cannon Circle, Sanford <br />• Mr. David Nestor, 300 N. Steele Street, Sanford <br />• Mr. Bill Ray, 2200 Cape Jasmine Drive, Sanford <br />• Mr. Brandon Partridge, 5016 Laurel Ridge Drive, Sanford <br />• Mr. John Grossfuss, 619 Palmer Drive, Sanford <br />• Mr. Dylan Westrick, 811 Hayden Avenue, Sanford <br />• Ms. Denise Abell, 2641 Windsor Place, Sanford <br />• Ms. Cierra Ferguson, 905 Spring Lane, Sanford <br />• Ms. Taylor Batten, 7062 Oak Road, Sanford <br />• Ms. Catherine Utley, 350 Labrador Lane, Sanford <br />• Mr. Keith Clark, 212 Acorn Drive, Sanford <br />Chairman Hayes closed the public hearing. <br />Commissioner Kelly moved to proceed with funding up to $23,000,000 for the Lee <br />County High School project. Discussion followed - <br />Chairman Hayes stated, "we will exercise our right as stewards of the taxpayer's <br />money to reserve the capital funds deemed necessary and appropriate, such as <br />annual lottery or current capital expense allocations to the Board of Education, <br />over the next three to five years, in order to maintain the county's fiscal <br />soundness in meeting its many other CIP capital obligations, including <br />reimbursement to Lee County's Capital Reserve Funds which may have been <br />temporarily extended due to this project". <br />2 <br />