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1.3 eU, o Y8 FIGE 733 DECLARATION OF OFFICIAL INTENT TO REIMBURSE This declaration (the "Declaration') is made pursuant to the requirements of the United States Treasury Regulations and is intended to constitute a Declaration of Official Intent to Reimburse under such Treasury Regulations. The undersigned is authorized to declare the official intent of the County of Lee, North Carolina (the "issued with respect to the matters contained herein. Expenditures to be Incurred. The Issuer anticipates incurring expenditures (the "Expenditures') to construct a high school facility in the County, including the acquisition and construction of a new facility, including the acquisition and installation of necessary furnishings and equipment and the acquisition of land or rights-in-land required therefor. Project cost is estimated to be at least $23,000,000. 2. Plan of Finance. The Issuer intends to finance costs of the Project with the proceeds of debt to be issued by the Issuer (the "Borrowing'). 3. Maximum Principal Amount of Debt to be Issued. The maximum principal amount of the borrowing to be incurred by the Issuer to finance the Project is $23,000,000. 4. Declaration of Official Intent to Reimburse. The Issuer hereby declares its official intent to reimburse itself or Lee County Board of Education with the proceeds of the Borrowing for any of the Expenditures incurred by either of them prior to the issuance of the Borrowing. Board of Commissioners County of Lee North Carolina Dated: February 4, 2002