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~~uX 9 PAGE 544 <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 Governmental Center in Sanford, <br />North Carolina, the regular place of meeting, at 3:00 p.m., on September 15, 2003, with Herb <br />Hincks, Chairman, presiding. The following Commissioners were: <br />PRESENT: Commissioners' Chad Adams, Herbert Hincks, Jerry <br />Lemmond, Bdrt Matthews, Ed Paschal, Robert Reives, and Amy Stevens <br />ABSENT: N/A <br />ALSO PRESENT: County Manager William Cowan, County Attorne <br />K. R. Hoyle, Sr., Finance Director Lisa Minter, and Clerk to the <br />Board Gaynell Lee <br />Commissioner Hincks <br />was read: <br />introduced the following resolution which <br />RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING <br />FOR PUBLIC SCHOOL AND COMMUNITY COLLEGE PROJECTS IN AN <br />AGGREGATE PRINCIPAL AMOUNT UP TO $27,500,000 AND THE <br />EXECUTION AND DELIVERY BY THE LEE COUNTY DEVELOPMENT <br />CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED <br />THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF <br />RELATED DOCUMENTS IN CONNECTION THEREWITH, AND <br />PROVIDING FOR CERTAIN OTHER RELATED MATTERS <br />WHEREAS, the Board of Commissioners desires to approve a proposed plan of <br />financing in an aggregate principal amount of up to $27,500,000, which plan would involve the <br />entry by the County into an installment financing contract with the Lee County Development <br />Corporation (the "Corporation") pursuant to North Carolina General Statutes 160A-20, as <br />C5aso7s.2 <br />