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2018-12 RESOLUTION - FINANCE - Resolution Approving and Authorizing the Exec. and Del. of Master Trust Agmt, Deed of Trust, First Supp. Trust Agmt, and related documents for the Financing of Various Capital Imp. Proj. 4-2-18
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2018-12 RESOLUTION - FINANCE - Resolution Approving and Authorizing the Exec. and Del. of Master Trust Agmt, Deed of Trust, First Supp. Trust Agmt, and related documents for the Financing of Various Capital Imp. Proj. 4-2-18
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4/4/2018 12:41:31 PM
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Board of Commissioners
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and related parking facilities and (iii) constructing, expanding, improving, renovating and <br />equipping existing parks and recreational facilities in the County (collectively, the "Project"). <br />(b) After a public hearing and due consideration, the Board has determined that the most <br />efficient manner of financing the Project will be through the execution and delivery of a Master <br />Trust Agreement, to be dated as of May 1, 2018 (the "Master Trust Agreement"), between the <br />County and U.S. Bank National Association, as trustee (the "Trustee"), and a First Supplemental <br />Trust Agreement, to be dated as of May 1, 2018 (the "First Supplemental Trust Agreement," and, <br />together with the Master Trust Agreement, the "Trust Agreement"), between the County and the <br />Trustee, pursuant to which the County will issue limited obligation bonds thereunder in an <br />aggregate principal amount not to exceed $35,000,000 (the "Bonds") to provide funds, together <br />with any other available funds, to pay or reimburse (i) the costs of the Project and (ii) the fees <br />and expenses incurred in connection with the sale and issuance of the Bonds. <br />(c) In order to secure the payment of the principal of and interest on the Bonds and the <br />performance of its other obligations under the Trust Agreement, the County will execute and <br />deliver a Deed of Trust, to be dated as of May 1, 2018 (the "Deed of Trust"), to the deed of trust <br />trustee named therein for the benefit of the Trustee, granting a first lien of record on the site of <br />elementary school constituting a portion of the Project, together with all improvements and <br />fixtures located or to be located thereon (the "Mortgaged Property") <br />(d) In order to assure that the elementary school constituting a portion of the Project is <br />constructed in the manner required by the Constitution and laws of the State of North Carolina <br />and the Trust Agreement, the County will enter into a Construction and Acquisition Agreement, <br />to be dated as of May 1, 2018 (the "Construction Agreement"), with the Lee County Board of <br />Education (the "Board of Education") whereby the Board of Education agrees to acquire, <br />2 <br />
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