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A RESOLUTION AUTHORIZING ]'HE FILING OF AN APPLICATION WITH THE <br />LOCAL GOVERNMENT COMMISSION, AUTHORIZING PUBLICATION OF A <br />NOTICE OF INTENT TO FILE APPLICATION AND FINDING A NEED FOR THE <br />ISSUANCE BY THE COUNTY OF LEE, NORTH CAROLINA, OF GENERAL <br />OBLIGATION BONDS IN AN AMOUNT NOT TO EXCEED $4,300,000 FOR <br />CENTRAL CAROLINA COMMUNITY COLLEGE PROJECTS <br />WHEREAS, the Board of Commissioners of the County of Lee has reviewed in <br />detail the proposed community college projects to be financed with General Obligation <br />Bonds of the County, the need for such projects, facts showing that the amount of the <br />proposed bonds is adequate, but not excessive for such purpose, matters relating to the <br />debt management policy and budgetary and fiscal management policies of the County <br />and the estimated increase in rates for the increased debt service requirements resulting <br />from the bonds; NOW, THEREFORE <br />BE IT RESOLVED by the Board of Commissioners for the County of Lee as <br />follows: <br />1. The provision of additional community college facilities and <br />improvements to existing community college facilities in the County of Lee, including <br />the acquisition and construction of new community college facilities, the improvement <br />and expansion of existing community college facilities, and the acquisition and <br />installation of furnishings and equipment, and the acquisition of interest in real property <br />required therefore has been determined by the Board. of Trustees of Central Carolina <br />Community College to be necessary and expedient. <br />2. In order to pay the cost of the foregoing purposes, in addition to funds <br />otherwise available, general obligation bonds of the County in an amount not to exceed <br />$4,300,000 are required. The amount of such proposed bond issue is found to be <br />adequate and not excessive for its purposes. <br />3. The debt management policies of the County of Lee are found to be <br />carried out in strict compliance with applicable law. <br />4. The budgetary and fiscal management policies of the County of Lee are <br />found to be carried out in compliance with applicable law. <br />5. The increase in property tax rates to pay the increased debt service <br />requirements resulting from the bonds is hereby found to be not excessive. <br />6. The filing of an application with the Local Government Commission for <br />approval of the proposed bonds is hereby authorized and the County Manager is <br />designated to serve as the representative of the County in connection with the application <br />for approval of the bonds with the Local Government Commission and is authorized to <br />cause a notice of intent to file the application to be published. <br />"l 7. The County Attorney is hereby designated to employ bond counsel to <br />represent the County of Lee in the authorization and issuance of the bonds._ <br />x}t ncllFA LES tee <br />clt <br />4r _ <br />re3ist~atl i on M_ <br />record--d in Sao 17 puaa S-; <br />Nellie vi. Thomas, RoBistur at l)auda <br />