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BOOK 17 m)F 989 A RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION W1TI-I THE LOCAL GOVERNMENT COMMISSION, AUTHORIZING PUBLICATION OF A NOTICE OF INTENT TO FILE APPLICATION AND FINDING A NEED FOR THE I ISSUANCE BY THE COUNTY OF LEE, NORTH CAROLINA, OF GENERAL OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED $25,700,000 FOR LEE COUNTY BOARD OF EDUCATION PROJECTS WHEREAS, the Board of Commissioners of the County of Lee has reviewed in detail the proposed. school projects to be financed with General Obligation Bonds of the County, the need for such projects, facts showing that the amount of the proposed bonds is adequate, but not excessive for such purpose, matters relating to the debt management policy and budgetary and fiscal management policies of the County and the estimated increase in rates for the increased debt service requirements resulting from the bonds, NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners for the County of Lee as follows: 1. The provision of additional school facilities and improvements to existing school facilities in the County of Lee, including the acquisition and construction of new school facilities, the improvement and expansion of existing school facilities, and the acquisition and installation of furnishings and equipment, and the acquisition of interest in real property required therefore has been determined by the Lee County Board of l Education to be necessary and expedient. J 2. In order to pay the cost of the foregoing purposes, in addition to funds otherwise available, general obligation bonds of the County in an amount not to exceed $25700,000 are required. The amount of such proposed bond issue is found to be adequate and not excessive for its purposes. 3. The debt management policies of the County of Lee are found to be carried out in strict compliance with applicable law. 4. The budgetary and fiscal management policies of the County of Lee are found to be carried out in compliance with applicable law. 5. The increase in property tax rates to pay the increased debt service requirements resulting from the bonds is hereby found to be not excessive. 6. The filing of an application with the Local Government Commission for approval of the proposed bonds is hereby authorized and the County Manager is designated to serve as the representative of the County in connection with the application for approval of the bonds with the Local Government Commission and is authorized to cause a notice of intent to file the application to be published. 7. The County Attorney is hereby designated to employ bond counsel to 013 represent the County of Lee in.the authorization and issuance of the bonds.