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a' 0 <br />boo X f8 P.ICE 281 <br />RESOLUTION CERTIFYING THAT APPLICABLE MATCHING REQUIREMENTS <br />FOR LEE COUNTY UNDER COMMUNITY COLLEGE FACILITIES GENERAL <br />OBLIGATION FINANCE ACT WILL BE MET <br />WHEREAS, the Community Colleges Facilities General Obligation Finance Act <br />(the "Act") was enacted and codified as Article 4, Chapter 116D of the North Carolina <br />General Statutes (NCGS); and <br />WHEREAS, the question of issuing bonds as authorized by the Act received a <br />favorable vote at the General Election held on November 7, 2000; and <br />WHEREAS, Central Carolina Community College, (the "College") whose main <br />campus is located in Lee County, has received an allocation of the bond proceeds for new <br />construction which requires that Lee County provide matching funds; and <br />WHEREAS, the College, to secure bond proceeds, must submit to the State <br />Board of Community Colleges a statement which, among other things, demonstrates that <br />the applicable matching requirements have been or will be met; and <br />WHEREAS, the College has requested the Board of Commissioners of Lee <br />County (the "Board") to take action to satisfy that requirement; and <br />WHEREAS, the Board is of the opinion that the continued growth and <br />development of the College as an educational institution is not only beneficial for the <br />general welfare of the people of this county, but is also a vital part of the county's <br />economic development effort; <br />NOW, THEREFORE, Be It Resolved by the Board of Commissioners of Lee <br />County as follows: <br />Section 1. Telecommunications Building Project. . <br />a. The Board will make application to the Local Government <br />Commission of North Carolina (the "LGC") for approval of installment loan financing in <br />an amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00) <br />for the matching local funds to pay capital costs of constructing a new <br />Telecommunications Building and including the acquisition and installation of necessary <br />furnishings and equipment and the acquisition of land or rights in land required therefore. <br />b. Upon receipt of approval from the LGC, the Board will <br />take the appropriate actions to close the installment loan to have the funds available by <br />January 2002. <br />C. The site for the Telecommunications Building shall be <br />selected by the Board of Trustees of the College and purchased in the name of the <br />College. Thereafter, the procedure set out in NCGS §115D-15.1 shall be followed and <br />