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MINUTES OF THE SPECIAL MEETING <br />OF <br />THE BOARD OF COMMISSIONERS <br />FOR <br />THE COUNTY OF LEE, STATE OF NORTH CAROLINA <br />J <br />#*-k&*ffi:k~*#*#***#***%k*~k***#****%k~*,k****#***#=k*.k&*****.k ~k ~k >fi~%k %k*#**~k**%k**#** <br />JULY 7, 1999 <br />**~k***=k~#**#*******W*%k**#**#**%k~:*%k******~=*#~k*#******.k .k=k >fi~%k*%k#~~: ~k*****#** <br />The special meeting of the Board of Commissioners for the County of Lee, State <br />of North Carolina, convened at 7:30 a.m. in the Commissioners' Room, 106 Hillcrest <br />Drive, Sanford, North Carolina. Commissioners present were F. Hubert Garner, Herbert <br />A. Hincks, Nathan E. Paschal, Robert T. Reives, and John I. Sauls. Commissioners W. <br />Chad Adams and Bertha L. Matthews were absent. <br />Chairman Hincks presided and the following business was transacted. <br />County Manager William Cowan told the Board that bids had been received on <br />June 30, 1999 for the installment purchase financing of the new Emergency Medical <br />Services (EMS) facility. The following bids were received: <br />BANK <br />First Citizens Bank <br />Wachovia <br />First Union <br />BOOK 17 PICE <br />10-YEAR RATE <br />6.76% <br />7.70% <br />7.83% <br />No Bid <br />No Bid <br />7.88% <br />He told the Board that First Citizens Bank requires a Rural Economic Community <br />Development (RECD) guarantee for which this project is eligible. The bids have been <br />reviewed and he recommended that the Board accept the proposal from First Citizens <br />Bank subject to working through the RECD guarantee. If the proposal from First <br />Citizens Bank is approved for a $900,000 loan, the repayment costs will be <br />$1,240,653.57. <br />Commissioner Paschal moved to accept the recommendation of the County <br />Manager to accept the 10-year proposal from First Citizens Bank. Upon a vote, the <br />results were as follows: <br />Aye: Garner, Hincks, Paschal, Reives, and Sauls <br />Nay: None <br />The Chainnan ruled the motion had been adopted unanimously. <br />12-YEAR RATE <br />031 <br />