2010 - 04-22-2010 Regular Meeting

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~fo G~ 23 i ~ .an ~A9 Thereupon, Commissioner Rnherf Raivac introduced the following resolution the title of which was read and copies of which had been previously distributed to each Commissioner: RESOLUTION SUPPLEMENTING AND AMENDING . THE 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 ADOPTED ON APRIL 5, 2010 WHEREAS, on April 5, 2010 the Board of Commissioners (the "Board") for the County of Lee, North Carolina (the "County") adopted a resolution (the "Resolution") entitled "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," pursuant to which the Board determined that it was in the best interest of the County to enter into an installment financing agreement (the "Agreement") with Branch Banking and Trust Company (the `Bank"), in the aggregate principal amount of $20,000,000, for the purpose of financing the renovation and improvement of existing facilities and construction and equipping of an addition to Lee County High School (the "Project'); and WHEREAS, due to an unexpected increase in the cost of the Project, the County has determined that it is necessary to increase the not to exceed principal amount authorized to be borrowed under the Agreement from $20,000,000 to $23,000,000; NOW, THEREFORE, BE IT RESOLVED by the Board for the County that: 1. The County is hereby authorized to enter into the Agreement in an aggregate principal amount of $23,000,000 for the purpose of financing the Project. 3