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k our,;8 PAGE 76 <br />RESOLUTION <br />WHEREAS, the voters of Lee County Water and Sewer District No. I approved <br />the Bond Order authorizing 59,300,000 of bonds to pay for capital costs for a water <br />system in an election held on November 7, 1995; and <br />WHEREAS, the Bond Order took effect on November 7, 1995 and the law <br />allows for bonds to be issued within seven years after that date; and <br />WHEREAS, the District is proceeding with the financing of Phase II of the <br />installation of a distribution system; and <br />WHEREAS, the law allows for an extension of the period to issue bonds for an <br />additional three years; and <br />WHEREAS, because of the approaching limitation on issuance of bonds the <br />Board is of the opinion that it would be prudent to request an extension from seven years <br />to ten years to issue said bonds; <br />NOW, THEREFORE, Be It Resolved that the County Manager is authorized and <br />directed to file an application for Local Government Commission approval of such an <br />extension with the Secretary of the Commission. <br />p NO RTH CAROLINA, LEE comm <br />for M9 MWl 0 n On thO, day <br />recorded o► L E n d / ' ap z-d:z <br />Nep1eW, �� —�� <br />Thomas, RepWw of Oeade <br />