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0 0 <br />B50K i9 ME 461 <br />EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br />THE COUNTY OF LEE, NORTH CAROLINA <br />The Board of Commissioners for the County of Lee, North Carolina, met in regular <br />session in the Commissioners' Room, First Floor, Lee County Government Center in Sanford, <br />North Carolina, the regular place of meeting, at 3:00 p.m., on July 21, 2003, with <br />Herb Hincks , Chairman, presiding. The following Commissioners were: <br />PRESENT: Herb Hincks, Jerry Lemmond, Bert Matthews, Ed Paschal, <br />Robert Reives, and Amy Stevens <br />ABSENT: <br />ALSO PRESENT: County Attorney K. R. Hoyle, County Manager <br />William Cowan, and Clerk to the Board Gavnell Lee <br />RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING <br />FOR PUBLIC SCHOOL AND COMMUNITY COLLEGE PROJECTS IN AN <br />AGGREGATE PRINCIPAL AMOUNT UP TO 527,500,000; THE EXECUTION <br />AND DELIVERY BY A NON-PROFIT CORPORATION OF CERTIFICATES <br />OF PARTICIPATION RELATED THERETO; CALLING REQUIRED PUBLIC <br />HEARING AND APPROVAL OF THE FINANCING TEAM <br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan of <br />financing in an aggregate principal amount of up to 527,500,000, which plan would involve the <br />entry by the County into an installment financing contract with a non-profit corporation (the <br />"Corporation") pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds <br />of which would be used to pay all or a portion of the costs of (i) acquiring real property and <br />constructing and equipping a new public high school facility and related improvements and (ii) <br />constructing and equipping a new emergency services training center to be located at Central <br />Carolina Community College (including the renovation of certain existing structures) <br />