1989 - 11-06-89 Regular Meeting - Laserfiche WebLink

Home Browse Search

4ooK 12 P,sE .967 o gsi Aye: Matthew l), Stafford, Wicker and Cox Nay: None The Chairman ruled the motion carried unanimously. The Chairman advised that the next item on the agenda was consideration of legal documents relating to the installment purchase financing of the Community Resource Center. County Attorney, K. R. Hoyle presented drafts of the Deed of Trust and Note Agreement between the County of Lee and Southern National Leasing Corporation together with the supporting documents. The County Attorney recommended that the documents be approved and the Chairman and Clerk, and where appropriate the County Manager, be authorized to execute and deliver the documents. County Manager Cowan presented copies of the amortization schedule for the Board's review and advised 5 bids were received from financial institutions, the lowest rate was Southern National Leasing Corporation at 6.78%. The other bids were as follows: Wachovia Bank & Trust 7.15%, First Union National Bank 7.05%, Chrysler Capital 7.73%, and NCNB 7.95%. The amortization schedule is based on the 6.78%. Mr.Cowan recommended the Board adopt the first schedule of $47,420 per month for forty-eight months. Commissioner Stafford moved to approve the amortization schedule the County Manager recommended. Commissioner Matthews seconded the motion and upon a vote the results were as follows: Aye: Matthews, Stafford, Wicker and Cox Nay: None The Chairman ruled the motion carried unanimously. Commissioner Wicker then moved for adoption of the following resolution: BE IT RESOLVED by the Board of Commissioners for the County of Lee as follows: 1. The Deed of trust and Note Agreement from the County of Lee to Ashley L. Hogewood, Jr., Trustee, and Southern National Leasing Corporation on the 6.94 acre site known as the "Lee County Resource Center Site" is approved as to form and pursuant to the authority by the General Assembly of North Carolina, Chapter 933, Session Laws of 1988 and pursuant to G.S. 160A-20, the execution and delivery of said Deed of Trust and Note Agreement for and on behalf of the County of Lee by the Chairman and Clerk is hereby authorized and directed. 2. The Essential Use letter stating that the property will not be used for any private business or put to any private use is approved as to form and the execution and delivery said 6