Resolution - Fin. of Lee Co High School

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• Thereupon, Commissioner Robert R iv introduced the following resolution the title of which was read and copies of which had been previously distributed to each Commissioner: RESOLUTION MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE PROPOSED FINANCING OF PUBLIC SCHOOL IMPROVEMENTS FOR THE COUNTY PURSUANT TO AN INSTALLMENT FINANCING AGREEMENT AND REQUESTING THE LOCAL GOVERNMENT COMMISSION TO APPROVE THE FINANCING ARRANGEMENT BE IT RESOLVED by the Board of Commissioners (the "Board ") for the County of Lee, North Carolina (the "County ") as follows: Section 1. The Board does hereby find and determine as follows: (a) There exists in the County a need to renovate and improve existing facilities and construct and equip an addition to Lee County High School (the "Project'). • (b) After a public hearing and due consideration, the Board has determined to enter into an installment financing agreement (the "Agreement') in an aggregate principal amount not to exceed $20,000,000 to pay, together with other available funds, the costs of the Project. (c) The County will enter into the Agreement with Branch Banking & Trust (BB &T) (the "Bank ") pursuant to which the Bank will advance to the County amounts sufficient to pay the cost of financing the Project, and the County will repay the advancement in installments, with interest (the "Installment Payments "). (d) In order to secure its obligations under the Agreement, the County will execute and deliver a deed of trust (the "Deed of Trust'), granting a lien on the site of the Project, together with all improvements and fixtures located or to be located thereon. (e) In connection with the proposed financing, the County will enter into a Construction • and Acquisition Agreement (the "Construction Agreement'), between the County and the Lee 2