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0 <br />e o< 12 844 <br />strict compliance with the law based upon audit reports and the <br />County's adopted cash management plans; and <br />WHEREAS, the Board of Commissioners of the County of Lee <br />are confident that the budgetary and fiscal management policies have <br />been carried out in compliance with the law based upon past audit <br />reports; and <br />WHEREAS, the Board of Commissioners of the County of Lee <br />does plan to increase property tax to raise the estimated increase in <br />debt service requirements as necessitated by issuance of the above <br />bonds; and <br />WHEREAS, the Board of Commissioners of the County of Lee <br />hereby designates William K. Cowan,County Manager, as representative <br />of the County to file the application for approval of bonds with the <br />Local Government Commission; and <br />WHEREAS, The Board of Commissioners of the County of Lee <br />hereby designates K. R. Hoyle, County Attorney, to employ bond <br />counsel to represent the County in the authorization and issuance of <br />bonds; <br />NOW, THEREFORE, BE IT RESOLVED that the Board of <br />Commissioners of the County of Lee, North Carolina, does hereby submit <br />the above findings and authorizations as requested by the Local <br />Government Commission to supplement the application for the proposed <br />bonds;and <br />BE IT FURTHER RESOLVED that the Chairman and Clerk are <br />authorized and empowered to sign and execute, in the name of the <br />County, a 12 month Option Contract with Mr. & Mrs. E. M. Williams for <br />the consideration of $6,000.00 on the 55 acre site contiguous with the <br />City of Sanford property on the terms and conditions set out in the <br />document prepared by the County Attorney and submitted to the Board <br />this date; and <br />BE IT FURTHER RESOLVED that the Chairman and Clerk are <br />authorized and empowered to sign and execute, in the name of the <br />County, a 12 month option Contract with Mr. & Mrs. C. E. Phillips for <br />the consideration of $1,190.00 on the 10 acre site contiguous with the <br />Williams property on the terms and conditions set out in the document <br />prepared by the County Attorney and submitted to the Board this date. <br />-5- <br />