2002 - 11-18-02 Regular Meeting - Laserfiche WebLink

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a .4 .12 BIGN L9 PACE 9 MOTION TO AMEND CAPITAL RESERVE FUND RESOLUTION WHEREAS, the Lee County Board of Commissioners and the Lee County Board of Education entered into a written agreement dated October 26, 2001, for Lee County to establish a Capital Reserve Fund to handle the receipt and expenditure of $3,000,000.00 of State funds and it provided: "That the resolution or ordinance adopted by the Board of Commissioners shall state that the purposes for which the fund is created is for new construction of public school buildings, for the purchase of land for school sites, and for debt service for new construction of public school buildings."; and WHEREAS, the Board of Education requested the Board of Commissioners at its November 13, 2001, meeting to amend the agreement to include "renovations- as one of the purposes for which the funds could be spent; and WHEREAS, the Board of Commissioners unanimously agreed to such amendment by the agreement bemeen the parties as shown by the minutes recorded in Nlinute Book 18 Page 672 but no formal action has been taken to amend the resolution establishing the Capital Reserve Fund to bring it in conformity with the agreement between the parties. NOW THEREFORE I move that the resolution entitled "County of Lee, North Carolina, Capircrl Reserve Fund - Schools, ° recorded in Minute Book 18 Page 678 be amended by deleting Section 2 as recorded and inserting in lure therefore the following: Section 2. The purpose for which the fiend is created is for new construction of public school buildings, for the purchase of lard for school sites, for renovations, canal for debt service Jeer new construction of public school buildings.