4-2-18 Regular Meeting - Laserfiche WebLink

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