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004 <br />BGDK 17 PH"u 999 <br />"BOND ORDER AUTHORIZING THE ISSUANCE OF <br />525,700,000 SCHOOL BONDS <br />OF THE COUNTY OF LEE" <br />WHEREAS, the Board of Commissioners of the County of Lee has received and <br />considered a resolution from the Lee County Board of Education including a request that <br />the Board of Commissioners provide and improve school facilities in the County; and <br />WHEREAS, the Board of Commissioners of the County of Lee deems it <br />advisable to make the improvements hereinafter described; and <br />WHEREAS, the Board has caused to be filed with the Secretary of the Local <br />Government Commission of North Carolina an application for Commission approval of <br />the bonds hereinafter described as required by The Local Government Finance Act, and <br />the Secretary of the Local Government Commission has notified the Board that the <br />application has been accepted for submission to the Local Government Commission; <br />NOW, THEREFORE, <br />BE IT ORDERED by the Board of Commissioners of the County of Lee, as <br />follows: <br />Section 1. The Board of Commissioners of the County of Lee has ascertained <br />and hereby determines that it is necessary to provide additional school facilities and <br />improvements to existing school facilities in the County of Lee, including the <br />construction of a new high school and the renovation of the existing high school. This <br />also includes the acquisition and installation of necessary furnishings and equipment and <br />the acquisition of land or rights-in-land required therefor and to pay capital costs of such <br />improvements. <br />Section 2. In order to raise the money required to pay capital costs of <br />providing the improvements as set forth above, in addition to any funds which may be <br />made available for such purpose from any other sources, bonds of the County of Lee are <br />hereby authorized and shall be issued pursuant to The Local Government Finance Act of <br />North Carolina. The maximum aggregate principal amount of said bonds authorized by <br />this bond order shall be $25,700,000. <br />Section 3. A tax sufficient to pay the principal and interest on said bonds <br />when due shall be annually levied and collected. <br />Section 4. A sworn statement of the County's debt has been filed with the <br />Clerk to the Board of Commissioners and is open for public inspection. <br />Section 5. This bond order shall take effect when approved by the voters of <br />the County at a referendum. <br />4 <br />