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LEE COUNTY <br />Committed Today for a Better Tomorrow <br />RECESSED REGULAR MEETING <br />OF THE <br />LEE COUNTY BOARD OF COMMISSIONERS <br />106 HILLCREST DRIVE <br />SANFORD, NORTH CAROLINA 27330 <br />APRIL 22, 2010 <br />The recessed regular meeting of the Board of Cor~~ sioners for the County of Lee, <br />State of North Carolina, convened at 5 p.m. in the 9F011 ioners' Room, Lee County <br />Government Center, 106 Hillcrest Drive, Sanfo North arolina, on said date. <br />Commissioners present were Amy M. Dalrymple, , ichard B. Hayes, James C. Kelly, Larry <br />"Doc" Oldham, Nathan E. Paschal, Robert T. Reive an • inda A. Shook. <br />Chairman Hayes called the meeting t order and t e following business was transacted: <br />• County Attorney K. R. Hoyle delivered v tion. <br />The pledge of allegiance w •Ited. <br />County Manager John C p on p esented the following summary leading to the <br />resolution under considerat' n follo the public hearing: <br />"Today's • ublic h ring is for the sole purpose of considering borrowing an <br />additional 697.88 for the Lee County High School construction and <br />renovation pr . The Board of Commissioners has already approved using <br />BB&T for the financing of the project and we will place the additional borrowing if <br />approved with them. A total of $19,980,000 in financing has already been <br />approved by the Lee County Board of Commissioners. Once again, we are here <br />to consider and take public comments on the request by the Lee County Board of <br />Education to borrow the additional amount of money. <br />The debt service details were handed out at the April 19, 2010 joint work session. <br />It is proposed that the additional funds come from the Recovery Zone Economic <br />Development Bond allocation of $12,000,000 that Lee County is eligible to <br />borrow. The County has already committed to issuing $9,302,312 of these <br />bonds. The remaining amount is $2,697,688 that we are eligible to borrow. It is <br />proposed that the additional borrowing be paid back over a 15-year period. The <br />• additional principle and interest payments will total $3,452,482. Interest <br />payments will be $754,794 of this total. Combined with the original borrowing <br />