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002 <br />aourc 17 prsr_ 56 <br />The Chairman ruled the motion had been adopted unanimously. <br />Commissioner Cox moved to approve the consent agenda as printed, which <br />consisted of the following items: <br />• minutes of the July 17, 1997 special called meeting <br />• refunding tap fees to individuals not included in the Phase I <br />Water Project, minus Tramway Road (copy attached) <br />Commissioner Reives seconded the motion, and upon a vote, the results were as follows: <br />Aye: Cox, Garner, Mansfield, Matthews, Moretz, Paschal and Reives <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />The Board considered a resolution for $2,831,000 Water Bond Anticipation <br />Notes. Commissioner Cox moved to approve the following resolution: <br />WHEREAS, the bond order hereinafter described has taken effect and the Board <br />of Commissioners of the County of Lee, sitting as the governing body of Lee County <br />Water and Sewer District No. 1 (the "Issuer"), has issued $250,000 Water Bond <br />Anticipation Notes, dated September 4, 1996 and payable September 3, 1997 (the <br />"Maturing Notes"), to borrow money for the purpose for which bonds are authorized to <br />be issued by said bond order in anticipation of the receipt of the proceeds of the sale of <br />said bonds; and <br />WHEREAS, the Board of Commissioners of the County of Lee, sitting as the <br />governing body of the Issuer, desires to renew the Maturing Notes and to borrow an <br />additional $2,581,000 in anticipation of the receipt of the proceeds of the sale of said <br />bonds as hereinafter provided; NOW, THEREFORE, <br />BE IT RESOLVED by the Board of Commissioners of the County of Lee, sitting <br />as the governing body of the Issuer, as follows: <br />(1) The sum of $2,831,000 will be borrowed by the issuer in anticipation of the <br />receipt of the proceeds of the sale of bonds authorized to be issued by the water bond <br />order, adopted by the Board of Commissioners of the County of Lee, sitting as the <br />governing body of the Issuer, on September 25, 1995, for the purpose for which said <br />bonds are authorized to be issued. Negotiable notes, each designated "Water Bond <br />Anticipation Note," shall be issued for said sum so borrowed. <br />(2) Said notes shall be dated September 2, 1997, shall be payable May 20, <br />1998 and shall bear interest from their date at a rate which shall not exceed seven per <br />centum (71/6) per annum. Such interest shall be payable at the maturity of the said notes. <br />2 <br />