1999 - 01-04-99 Regular Meeting - Laserfiche WebLink

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BUNK 1:7 PIGF 5,1$ 0103 WHEREAS, the Sanford-Lee County Regional Airport Authority desires to construct hangars at the airport to assist in the operation of the airport and storage of airplanes and to finance the construction of said hangars; and WHEREAS, the Sanford-Lee County Regional Airport Authority has requested that the County of Lee grant approval for the Sanford-Lee County Regional Airport Authority to enter into said financing arrangement with a North Carolina lending institution in an amount not to exceed 2.1 million dollars for a term of 15 years or less and to pledge as security for said loan the property of the Airport Authority; and WHEREAS, the Act creating the Sanford-Lee County Regional Airport Authority provides that neither the Airport Authority nor the individual members thereof shall have the authority to pledge the credit of or contract for the County of Lee. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF LEE AS FOLLOWS: 1. That the Board of Commissioners gives the Sanford-Lee County Regional Airport Authority the approval to enter into a financing arrangement in an amount not to exceed 2.1 million dollars for a term of 15 years or less with a North Carolina financial institution and to pledge the hangars as security. 2. That this approval is contingent upon the adoption of a resolution of similar import by the City Council of the City of Sanford. Commissioner Reives seconded the motion, and upon a vote, the results were as follows: Aye: Garner, Hincks, Matthews, Paschal, Reives and SaL1Is Nay: None The Chairman ruled the motion had been adopted unanimously. The Board considered a loan to the Sanford-Lee County Airport Authority for construction of a tenninal building. Airport Authority Chairman Buddy Keller and representative Joe McDonald told the Board that bids had been received for the construction of the tenninal building. The Airport Authority asked to borrow $50,000 from the County of Lee for construction of this project. Airport Chairman Buddy Keller told the Board the Authority was prepared to pay interest at the prime rate for the use of these funds. The money will be repaid to the County when the old airport is sold. After some discussion, Commissioner Garner moved to approve a 550,000 loan to the Sanford- Lee County Airport Authority. Commissioner Ed Paschal seconded the motion, and upon a vote, the results were as follows: Aye: Garner, Hincks, Matthews, Paschal, Reives and Sauls Nay: None 3