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E <br />nu 1.1 F''u 82 <br />discussed, following which Commissioner John R. Dossenbach, Jr. , moved <br />the adoption of the following resolution: <br />BE IT RESOLVED BY THE LEE COUNTY BOARD <br />OF COMMISSIONERS, AS FOLLOWS: <br />That the Lee County Board of Commissioners <br />will arrange the construction and funds for the connect- <br />ing of 12" water line, subject to the following conditions: <br />1. That the full amount of project cost including <br />handling cost to be paid back to Lee County. <br />2. That a variable interest rate be paid. <br />3. The period of repayment is to be a five year <br />period beginning upon connecting water line completion <br />date. <br />4. The terms of payments is to be monthly and paid <br />to the City of Sanford for Lee County. <br />5. The City of Sanford is to pass collected payments <br />to Lee County. <br />6. That Carolina Trace will secure the repayment <br />funds for the project with a Repayment Bond payable to Lee <br />County. <br />Commissioner Gordon A. Wicker seconded the motion following <br />which there was a discussion concerning the resolution. Commissioner Jerry M. <br />Almond then moved to amend the motion to have it provide as follows: <br />That a variable interest rate to be paid be <br />established at 2ojo above the treasury bill rate and <br />that the changes in the rate shall occur as the <br />treasury bill rate shall change; and further, that the <br />engineering plans for the water line must conform to <br />the master plan recommended for Lee County as a result <br />of the last engineering survey. <br />In discussion of the amendment, the necessity of many computations <br />and differing monthly payments was discussed, whereupon Commissioner Almond <br />withdrew his original amendment and offered and moved the adoption of the <br />following amendment: <br />