10-19-20 BOC Regular Meeting - Laserfiche WebLink

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A list of all persons making comments and a summary of such comments are attached as Exhibit B. The public hearing was closed. All statements and comments by participants of the public hearing were duly considered by the Board of Commissioners. * * * * * * Thereupon, Assistant County Manager/Finance Director Lisa G. Minter introduced the following resolution the title of which was read and a copy of which had been distributed to each Commissioner: RESOLUTION MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE REFINANCING OF CERTAIN OUTSTANDING INSTALLMENT FINANCING OBLIGATIONS OF THE COUNTY PURSUANT TO AN INSTALLMENT FINANCING CONTRACT AND REQUESTING THE LOCAL GOVERNMENT COMMISSION TO APPROVE THE FINANCING ARRANGEMENT BE IT RESOLVED by the Board of Commissioners (the "Board") for the County of Lee, North Carolina (the "County") as follows: Section 1. The Board does hereby find and determine as follows: (a) The County desires to refinance certain installment financing obligations with respect to the outstanding Refunding Certificate of Participation, Series 2016, dated January 19, 2016 (the "2016 Certificate"), the proceeds of which were used to refinance a prior installment financing obligation of the County previously entered into to pay the costs of(i) the construction and equipping of a new public middle school facility and a new multi-purpose room for the Floyd L. Knight School, (ii) the construction and equipping of a new parks and recreation facility, (iii) the renovation of various facilities at Central Carolina Community College and (iv) the installation of a new roof and other related improvements to the County's Civic Center (collectively, the "Project"). (b) After due consideration, the Board has determined to enter into an Amendment Number Four to the Installment Financing Contract, to be dated as of November 1, 2020 (the "Fourth Amendment"), between the County and the Lee County Development Corporation (the "Corporation"), supplementing and amending an Installment Financing Contract, dated as of January 1, 2004, as heretofore supplemented and amended (the "Original Contract" and, together with the Fourth Amendment, the "Contract"), between the County and the Corporation, to provide for an advancement thereunder in an aggregate principal amount not to exceed $15,400,000 to provide funds, together with any other available funds, to (i) refund all of the outstanding 2016 Certificate and (ii) pay the financing costs relating thereto. 2