2002 - 12-16-02 Regular Meeting - Laserfiche WebLink

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6v X L-1 jM 9 PAGE 1• RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY N.C. GENERAL STATUTE 160A-20 WHERAS, the Board of Commissioners of Lee County, North Carolina desires to construct a building to provide a facility for the North Carolina School of Telecommunications, a part of Central Carolina Community College to better serve the citizens of Lee County (the "Project"); and WHEREAS, the Board of Commissioners of Lee County, North Carolina desires to finance the Project by the use of an installment contract authorized under N.C. General Statute 160A, Article 3, Section 20; and WHEREAS, findings of fact by this governing body must be presented to enable the North Carolina Local Government Commission to make its findings of fact set forth in N.C. General Statute 159, Article 8, Section 151 prior to approval of the proposed contract; NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Lee County, North Carolina, meeting in regular session on the 16th day of December, 2002, make the following findings of fact: 1. The proposed contract is necessary because Central Carolina Community College is the only institution in North Carolina that offers a telephone technician training program. The College has conducted this training for at least thirty years, and student demand has exceeded the limits permitted by the current facility. Expansion at the current site is not possible, and it is necessary to find a suitable site for a larger facility and to provide for future growth. 2. The proposed contract is preferable to a bond issue for the same purpose because Lee County will be borrowing a relatively small amount of money to complete the project. This amount does not make going to the bond market cost effective. In addition, the placement of this debt with a financial institution will enable Lee County to avoid the normal fees such as an election fee, bond rating, bound counsel, local government commission fees, etc., which are typically associated with general obligation or revenue bonds. 3. The sums to fall due under this contract are adequate and not excessive for the proposed purpose because the amount of funds borrowed is relatively small. The cost associated with securing the financing will be less than 57,000 and the Financing charge is $746,625.20. 4. The County of Lee's debt management procedures and policies are good because the County follows the guidelines of debt management set forth in