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0004 <br />boos 16 rrr5~'7 <br />The Board considered a resolution authorizing Lee County to reimburse the Lee <br />County School system for bond expenses. County Attorney K. R. Hoyle told the Board <br />the Board of Education has received statements for architectural services which it would <br />like to pay from available funds with the understanding that the County would reimburse <br />them the funds so advanced from bond proceeds. The Local Government Commission has <br />recommended that bond counsel prepare a Declaration of Official Intent to Reimburse <br />authorizing such reimbursement. Commissioner Reives moved to approve the following: <br />DECLARATION OF OFFICIAL INTENT TO REIMBURSE <br />This declaration (the "Declaration") is made pursuant to the requirements of the <br />United States Treasury Regulations and is intended to constitute a Declaration of Official <br />Intent to Reimburse under such Treasury Regulations. <br />The undersigned is authorized to declare the official intent of the County of Lee, <br />North Carolina (the "Issuer") with respect to the matters contained herein. <br />1. Expenditures to be Incurred. The Issuer anticipates incurring <br />expenditures (the "Expenditures") to provide improvements to school facilities in the <br />County, including the acquisition and construction of new school facilities and the <br />improvement and expansion of existing school facilities, and including the acquisition and <br />installation of necessary furnishings and equipment and the acquisition of land or rights-in- <br />land required therefor. Project cost is estimated to be at least $25,000,000. <br />2. Plan of Finance. The Issuer intends to finance costs of the Project <br />with proceeds of debt to be issued by the Issuer (the "Borrowing"). <br />3. Maximum Principal Amount of Debt to be Issued. The <br />maximum principal amount of the Borrowing to be incurred by the Issuer to finance the <br />Project is $25,000,000. <br />4. Declaration of Official Intent to Reimburse. The Issuer hereby <br />declares its official intent to reimburse itself or the Lee County Board of Education with <br />the proceeds of the Borrowing for any of the Expenditures incurred by either of them <br />prior to the issuance of the Borrowing. <br />Commissioner Moretz seconded the motion, and upon a vote, the results were as follows: <br />Aye: Cox, Dossenbach, Garner, Groce, Matthews, Moretz and Reives <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />2 <br />