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0 Carolina for the purpose of paying the cost of renovating and improving existing facilities and <br />constructing and equipping an addition to Lee County High School (the "Project'); and <br />WHEREAS, the County has solicited proposals from banks to provide the financing for <br />the Project; and <br />WHEREAS, upon careful review and consideration of the proposals submitted by banks <br />to provide such financing, the County desires to accept the proposal of Branch Banking & Trust <br />(BB &T) (the "Bank "); <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the `Board ") <br />for the County of Lee, North Carolina (the "County ") as follows: <br />1. The proposal of the Bank to provide financing through an installment financing <br />agreement in a principal amount not to exceed $20,000,000 for the purpose of providing funds to <br />• pay the costs of the Project is hereby accepted, subject to further approval of the particular <br />documentation related thereto by the Board. <br />2. The County Manager and the Finance Director of the County are hereby authorized <br />and directed to execute and deliver such documentation as may be necessary to accept the <br />proposal of the Bank. <br />3. This resolution shall take effect immediately upon its passage. <br />Upon motion of Commissioner Linda Shook the foregoing resolution was <br />s <br />adopted by the following vote: <br />Ayes: Hayes, Kelly, Oldham Paschal, Reives and Shook <br />• <br />Abstain: Dalrymple <br />3 <br />