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045 <br />40 LEE q COUNTY <br />,.g~'~__10 H T~4`I a,~`i4 ta_i bM _ <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. V. E. <br />_ Information <br />Meeting Date: May 5, 2008 -Action Item <br />XX Consent Agenda <br />SUBJECT: Resolution supporting an application to the Local Government Commission for its <br />approval of a Qualified Zone Academy Bond (QZAB) school financing agreement <br />for Lee County <br />DEPARTMENT: <br />Finance <br />CONTACT PERSON: <br />Lisa G. Minter, Finance Director <br />REQUEST: <br />Approve Resolution supporting an application to the Local Government <br />Commission for the approval of a QZAB school financing agreement for Lee <br />® <br />County and to set a public hearing for May 19, 2008. <br />SUMMARY: <br />On May 21, 2007, the Board of Commissioners approved the Board of Education <br />applying for QZAB funding for various capital items. On July 6, 2007, the Lee <br />County Schools were notified that they had been approved for $1,622,021 of <br />QZAB authority. Since that time, we have been looking for a bank that would <br />participate in the QZAB program at 0% interest to the County. In March 2008, <br />the County contracted with North by Northwest Capital to find a financial partner <br />for us that would participate in the program. North by Northwest Capital has <br />found a bank; therefore, we need to start the process for the financing, if the <br />Board of Commissioners approve. The first step is to approve the attached <br />resolution and set a public hearing for TOO pm on May 19, 2008. The financing <br />would be for fourteen years and the annual payment would be $115,858.64. The <br />majority of the funds will be used to reroof Greenwood, J. Glenn Edwards, and <br />J.R. Ingram and to provide technology switches at various school sites. <br />BUDGET IMPACT: <br />Annual impact would be $115,858.64. <br />ATTACHMENTIS): <br />(1) Resolution supporting an application to the Local Government Commission <br />for its approval of a QZAB school financing agreement for Lee County <br />(2) Letter notifying schools of QZAB authority <br />(3) May 22, 2007 letter to Dr. McCormick reference Board action from May 21" <br />meeting <br />PUBLIC HEARING: <br />N/A <br />PRIOR BOARD ACTION <br />: On May 21, 2007, the Board of Commissioners authorized the QZAB <br />applications. <br />RECOMMENDATION: <br />Approve resolution and set a public hearing for May 19, 2008 at 7:00 pm. <br />