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boor 18 nuE 678 <br />COUNTY OF LEE, NORTH CAROLINA <br />CAPITAL RESERVE FUND-SCHOOLS RESOLUTION <br />BE IT RESOLVED by the Lee County Board of Commissioners that pursuant to the agreement <br />between the County of Lee and the Lee County Board of Education concerning the remaining <br />allocation from the Public School Building Bond Act of 1996 that: <br />Section 1: The County will establish a Capital Reserve Fund - Schools in accordance with <br />N.C. Gen. Stat. §159-18 through §159-23. <br />Section 2: The purpose of this fund is restricted to the purposes of new construction of <br />public school buildings or for debt service for new construction of public school buildings. <br />ADOPTED this 13`h day of November, 2001. <br />Attest: <br />ayn 11 . Lee, Clerk to the Board <br />Herbert A. Hincks, Chairman <br />~tItCA IO"L <br />Q 2'7 <br />AMENDED BY BOARD ACTION TAKEN ON November 18, 2002, to delete SECTION <br />2 as shown above and to insert in lieu thereof the following: <br />SECTION 2: The purposes for which the fund is created is for new <br />construction of public school buildings, for the purchase of land <br />for school sites, for renovations, and for debt service for new <br />construction of public school buildings. <br />