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County Board of Education (the "Board of Education ") providing for the supervision of the <br />acquisition, construction and equipping of the Project by the Board of Education. <br />(f) The site of the Project owned by the County and subject to the Deed of Trust will be <br />leased by the County to the Board of Education pursuant to a Lease Agreement (the "Lease <br />Agreement "), between the County and the Board of Education, which Lease Agreement will be <br />subordinate to the lien created by the Deed of Trust. <br />(g) It is in the best interest of the County to enter into the Agreement, the Deed of Trust, <br />the Construction Agreement and the Lease Agreement in that such plan of finance will result in <br />providing financing for the Project in an efficient and cost effective manner. <br />(h) Entering into the Agreement is preferable to a general obligation bond and revenue <br />bond issue in that (i) the County does not have sufficient constitutional authority to issue non- <br />0 voted general obligation bonds pursuant to Article V, Section 4 of the North Carolina <br />Constitution because the County has not retired a sufficient amount of debt in the preceding <br />fiscal year to issue a sufficient amount of general obligation bonds for the Project without an <br />election; (ii) the nature of the financing does not allow for the issuance of revenue bonds to <br />finance the Project; (iii) the cost of the Project exceeds the amount to be prudently provided from <br />currently available appropriations and unappropriated fund balances; (iv) the circumstances <br />existing require that funds be available to commence construction of the Project as soon as <br />practicable and the time required for holding an election for the issuance of voted general <br />obligation bonds pursuant to Article V, Section 4 of the North Carolina Constitution and the <br />Local Government Bond Act will delay the commencement of construction of the Project by <br />several months; and (v) there can be no assurances that the issuance of general obligation bonds <br />• to finance the Project would be approved by the voters and the necessity of the Project dictates <br />5 <br />