Agenda Package - 07-21-08 - Laserfiche WebLink

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009 ® agreement. On May 21, 2007, the Board of Commissioners approved the Board of Education applying for QZAB funding for various capital items. In July 2007 the Lee County Schools were notified they had been approved for $1,622,021 of QZAB authority. On May 5, 2008, the Commissioners approved a resolution supporting an application to the Local Government Commissioner. Mr. Crumpton stated that one of the schools receiving funds from the application must be used as collateral for the installment financing agreement. The Board of Education has selected J. Glenn Edwards Elementary School as that collateral. The school will be acquired by the County and leased back to the Lee County Board of Education until the debt is satisfied. Annual impact of the grant will be $115,858.64. Mr. Crumpton recommended the Board approve the request. Chairman Brown opened the public hearing. No one present spoke in favor of or in opposition to the QZAB application. Chairman Brown closed the public hearing. Commissioner Lemmond introduced a Resolution Accepting the Proposal of New Mexico Bank & Trust in Connection with an Installment Financing for the Renovation, Improvement and Equipping of Public School Facilities, a copy of which is attached to these minutes and by this reference made a part hereof. Commissioner Kelly seconded the motion, and upon a vote, the results were as follows: ® Aye: Brown, Kelly, Lemmond, and Shook Nay: None Absent: Paschal, Quiggle, and Reives The Chairman ruled the motion had been adopted unanimously. Commissioner Shook introduced a Resolution Making Certain Findings and Determinations Regarding the Financing of the Renovations, Improvement and Equipping of Pubic School Facilities by the County Pursuant to an Installment Financing Agreement and Requesting the Local Government Commission to Approve the Execution and Delivery of an Installment Financing Agreement, a copy of which is attached to these minutes and by this reference made a part hereof. Commissioner Lemmond second the motion, and upon a vote, the results were as follows: Aye: Brown, Kelly, Lemmond, and Shook Nay: None Absent: Paschal, Quiggle, and Reives The Chairman ruled the motion had been adopted unanimously. Commissioner Kelly introduced a Resolution Authorizing the Execution and Delivery of an Installment Financing Agreement, a Deed of Trust, a Rehabilitation Agreement, a Lease Agreement and Related Documents in Connection with an Installment Financing for School Improvements, a copy of which is attached to these minutes and by this reference made a part hereof. Commissioner Lemmond second the motion, and upon a is vote, the results were as follows- 7