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008 <br />The Board considered an amendment to a resolution with respect to Grant <br />Anticipation Notes. County Attorney K. R. Hoyle told the Board they adopted a <br />resolution at their regular meeting on May 19, 1997 authorizing an application to the <br />Local Government Commission for authority to issue a Grant Anticipation Note with <br />respect to funds due to Lee County under the Public Building Bond Act of 1996. The <br />Local Government Commission has asked that the resolution be amended to put a cap on <br />the interest rate that the Chairman was authorized to fix and suggested seven percent <br />(7%). Commissioner Cox presented the following amendment to the resolution adopted <br />by the Board at its regular meeting on May 19, 1997 with respect to Grant Anticipation <br />Note: <br />BE IT RESOLVED by the Board of Commissioners of the County of Lee as <br />follows: <br />1. That the provisions of Section 2 of the resolution adopted by the <br />Board on May 19, 1997 with respect to a Grant Anticipation Note be deleted and in lieu <br />thereof the following Section 2 be inserted. <br />"2. The Chairman of the Board of Commissioners of the <br />County of Lee is hereby authorized to fix the rate of interest up <br />to a maximum interest rate not to exceed seven percent (7%), <br />the place or places of payment, and the denomination or <br />denominations of the notes." <br />2. That otherwise the resolution remain in full force and effect. <br />Commissioner Moretz seconded the motion, and upon a vote, the results were as follows: <br />Aye: Cox, Garner, Mansfield, Matthews, Moretz, Paschal and Reives <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />The Board considered a resolution to transfer water system assets. County <br />Attorney K. R. Hoyle told the Board they would need to adopt a resolution authorizing <br />the transfer of the water system assets and liabilities to the Lee County Water and Sewer <br />District No. 1. Commissioner Reives moved approval of the following: <br />RESOLUTION AUTHORIZING TRANSFER OF <br />WATER SYSTEM ASSETS AND LIABILITIES TO <br />LEE COUNTY WATER AND SEWER DISTRICT NO. 1 <br />WHEREAS, Lee County Water and Sewer District No. 1 was created to operate <br />a water system within the unincorporated areas of Cape Fear, Deep River, East Sanford, <br />Greenwood, Jonesboro, and Pocket Townships of Lee County; and <br />8 <br />