Agenda Package - 04-22-10 Public Hearing

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I. • The Board of Commissioners for the County of Lee, North Carolina met in a recessed 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 5:00 p.m. on April 22, 2010. Present: Chairman Richard B. Hayes, presiding, and Commissioners Absent: Commissioners Also • The Chairman announced that this was the hour and day of the public hearing on one or more proposed installment financing agreements (collectively, the "Agreement") 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 an aggregate principal amount not to exceed $23,000,000 for the purpose of financing the costs of renovating and improving existing facilities and constructing and equipping an addition to Lee County High School (the "Project"). If the County enters into the Agreement, its obligations thereunder 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. In connection with the proposed plan of finance, the County will acquire the site of the Project, which site will be leased to the Lee County Board of Education to be used for school 0 purposes. Such lease will be subordinate to the lien created by the deed of trust.