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2008 - S9 <br />• LEE COUNTY <br />NORTH CAROLINA <br />Resolution supporting an application to the Local Government Commission for <br />its approval of a QZAB school financing agreement for Lee County <br />WHEREAS, <br />Lee County has previously made a preliminary determination to undertake the acquisition <br />and construction of various improvements to Bragg Street Academy, Broadway Elementary <br />School, Bullock Elementary School, Deep River Elementary School, East Lee Middle School, <br />Floyd L. Knight/Children's Center, Greenwood Elementary School, J. Glenn Edwards <br />Elementary School, J.R. Ingram Elementary School, Lee County High School, and West Lee <br />Middle School (the "Project "). <br />The County desires to finance Project costs by the use of an installment contract, as <br />authorized under Section 160A -20 of the North Carolina General Statutes, that qualifies as a <br />"qualified zone academy bond" (a "QZAB ") within the meaning of a federal tax credit program <br />that provides for very low cost financing for qualified school projects. <br />• Under the guidelines of the North Carolina Local Government Commission, this <br />governing body must make certain findings of fact to support the County's application for the <br />LGC's required approval of the County's proposed financing arrangements. <br />THEREFORE, BE IT RESOLVED by the Board of Commissioners of Lee County, <br />North Carolina, as follows: <br />(a) The County makes a preliminary determination to finance project costs through <br />an installment financing qualifying as a QZAB, as described above. The total amount financed <br />will not exceed $1,622,021. <br />(b) The County Manager is authorized and directed to take all appropriate steps <br />toward the completion of the financing, including (i) completing an application to the LGC for <br />its approval of the proposed financing, and (ii) soliciting one or more proposals from financial <br />institutions to provide the financing. <br />BE IT FURTHER RESOLVED that the Board of Commissioners makes the <br />following findings of fact: <br />(a) The proposed project is necessary and appropriate for the County under all the <br />circumstances. These various renovation and improvement projects will enhance the physical <br />and educational environment for children and staff at the affected schools. <br />• <br />