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® 19 wE 68 <br />EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS OF <br />THE COUNTY OF LEE, SITTING AS THE GOVERNING BODY OF LEE <br />COUNTY WATER AND SEWER DISTRICT NO. I <br />November 4, 2002 <br />A meeting of the governing body of the Lee County Water and <br />Sewer District No. 1 was held in the Commissioners' Room, Lee County <br />Government Center, 106 Hillcrest Drive, Sanford, North Carolina, <br />immediately following the regular meeting of the Lee County Board of <br />Commissioners held on said date. Commissioners present were W. Chad <br />Adams, Herbert A. Hincks, Jerry M. Lemmond, Bertha L. Matthews, Nathan <br />E. Paschal, Robert T. Reives, and John I. Sauls. <br />Commissioner Jerry Lemmond presented the following resolution <br />and moved that it be adopted: Commissioner Chad Adams seconded the motion. <br />WHEREAS, the bond order hereinafter described has taken effect and the Board <br />of Commissioners of the County of Lee (the "Board"), sitting as the governing body of Lee <br />County Water and Sewer District No. 1 (the "Issuer "), desires to make provision for the issuance <br />of a S4, 166,000 portion of the bonds authorized by said bond order; and <br />WHEREAS, the Board of the Issuer desires to sell the bonds at private sale <br />without advertisement at a rate of interest not exceeding 4.625% per annum; and <br />WHEREAS, the Board of the Issuer has been informed of United States of <br />America's undertaking to purchase said bonds at the rate of 4.625% per annum, NOW <br />THEREFORE, <br />BE IT RESOLVED by the Board of Commissioners of the County of Lee, sitting <br />as the governing body of the Issuer, as follows: <br />