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r <br />LEE <br />'COU NTY <br />~ <br />' <br />p <br />` <br />p <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. IV. A. <br />Information <br />Meeting Date: May 3, 2010 XX Action Item <br />- Consent Agenda <br />SUBJECT: Matters related to the financing of the Lee County High School Project <br />DEPARTMENT: Administration <br />CONTACT PERSON: John A. Crumpton, County Manager <br />REQUEST: Approve a Resolution Authorizing the Execution and Delivery of a Financing <br />Agreement and Deed of Trust and Related Documents in Connection with the <br />Financing of Public School Improvements for the County of Lee, North <br />Carolina <br />• SUMMARY: As the County continues to move forward with the financing for the Lee <br />County High School Project, there are several agreements that have to be <br />considered by the Board of Commissioners and a resolution must be <br />approved the Board of Commissioners authorizing the execution of said <br />agreements at the loan closing. The agreements to be considered include (1) <br />the Financing Agreement and Deed of Trust between the County and BB&T, <br />(2) a Project Fund Agreement between the County and BB&T, (3) a <br />Construction, Rehabilitation and Acquisition Agreement the County and the <br />Lee County Board of Education, and (4) Lease Agreement between the <br />County and the Lee County Board of Education. The last two agreements <br />were approved by the Board of Education on April 13, 2010. A copy of their <br />resolution is attached. <br />BUDGET IMPACT: Information provided at the April 19, 2010 Board of Commissioners' meeting <br />with the Lee County Board of Education. <br />ATTACHMENT(S): Resolutions and Agreements as stated above <br />PUBLIC HEARING: Public Hearings were held on 415/10 and 4/22/10. <br />PRIOR BOARD ACTION: Financing was awarded to BB&T on 4/512010, and an amended Resolution <br />Making . Certain Findings and Determinations Regarding the Proposed <br />Financing of Public School Improvements for the County Pursuant to an <br />Installment Financing Agreement and Requesting the Local Government <br />Commission to Approve the Financing Agreement was approved on 4/22/10. <br />9 RECOMMENDATION: Approve necessary resolution. <br />