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BK 0029 PG 0480 <br />Thereupon, Assistant Countv Manager/Fin ance Director Lisa Minter introduced the <br />following resolution the title of which was read and a copy of which had been previously <br />distributed to each Commissioner. <br />RESOLUTION MAIQNG CERTAIN FINDINGS AND <br />DETERMINATIONS REGARDING THE PROPOSED FINANCING OF <br />VARIOUS CAPITAL PROJECTS BY THE COUNTY OF LEE, NORTH <br />CAROLINA AND REQUESTING THE LOCAL GOVERNMENT <br />COMMISSION TO APPROVE THE FINANCING ARRANGEMENT <br />BE IT RESOLVED by the Board of Commissioners (the "Board") for the County of Lee, <br />North Carolina (the "County") as follows: <br />Section 1. The Board does hereby find and determine as follows: <br />(a) There exists a need in the County to finance through the issuance of one or more <br />series of limited obligation bonds the costs of (a) acquiring, constructing, renovating, improving <br />and equipping an elementary school, (b) renovating and improving buildings in the County <br />courthouse complex and (c) constructing, expanding, improving, renovating and equipping <br />existing parks and recreational facilities in the County (collectively, the "Project"). <br />(b) After a public hearing and due consideration, the County has determined to issue <br />limited obligation bonds in a principal amount not to exceed $35,000,000(the "Bonds') pursuant <br />to the terns of a Master Trust Agreement and a First Supplemental Trust Agreement, each to be <br />dated as of May 1, 2018 or other mutually agreeable date (collectively, the "Trust Agreement'), <br />between the County and U.S. Bank National Association, as trustee (the "Trustee"), to provide <br />funds, together with any other available funds, to (i) pay or reimburse the costs of the Project and <br />(ii) pay certain fees and expenses incurred in connection with the sale and issuance of the Bonds. <br />(c) In order to secure its obligations under the Trust Agreement, the County will execute <br />and deliver a deed of trust (the "Deed of Trust'l granting to the Trustee a lien on one or more <br />sites of the Project, together with all improvements and fixtures located or to be located thereon. <br />3 <br />