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Agenda Package - 04-22-10 Public Hearing
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Agenda Package - 04-22-10 Public Hearing
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5/20/2010 2:50:44 PM
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Committee
Board of Commissioners
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• Thereupon, Commissioner introduced the following resolution <br />the title of which was read and copies of which had been previously distributed to each <br />Commissioner: <br />RESOLUTION SUPPLEMENTING AND AMENDING THE <br />RESOLUTION MAKING CERTAIN FINDINGS AND <br />DETERMINATIONS REGARDING THE PROPOSED FINANCING OF <br />PUBLIC SCHOOL IMPROVEMENTS FOR THE COUNTY PURSUANT <br />TO AN INSTALLMENT FINANCING AGREEMENT AND REQUESTING <br />THE LOCAL GOVERNMENT COMMISSION TO APPROVE THE <br />FINANCING ARRANGEMENT ADOPTED ON APRIL 5, 2010 <br />WHEREAS, on April 5, 2010 the Board of Commissioners (the "Board") for the County <br />of Lee, North Carolina (the "County") adopted a resolution (the "Resolution") entitled <br />"RESOLUTION MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING <br />THE PROPOSED FINANCING OF PUBLIC SCHOOL IMPROVEMENTS FOR THE <br />• COUNTY PURSUANT TO AN INSTALLMENT FINANCING AGREEMENT AND <br />REQUESTING THE LOCAL GOVERNMENT COMMISSION TO APPROVE THE <br />FINANCING ARRANGEMENT," pursuant to which the Board determined that it was in the <br />best interest of the County to enter into an installment financing agreement (the "Agreement") <br />with Branch Banking and Trust Company (the "Bank'), in the aggregate principal amount of <br />$20,000,000, for the purpose of financing the renovation and improvement of existing facilities <br />and construction and equipping of an addition to Lee County High School (the "Project'); and <br />WHEREAS, due to an unexpected increase in the cost of the Project, the County has <br />determined that it is necessary to increase the not to exceed principal amount authorized to be <br />borrowed under the Agreement from $20,000,000 to $23,000,000; <br />NOW, THEREFORE, BE IT RESOLVED by the Board for the County that: <br />1. The County is hereby authorized to enter into the Agreement in an aggregate principal <br />• amount of $23,000,000 for the purpose of financing the Project. <br />3 <br />
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