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G61 <br />SUPPLEMENTAL INDENTURE, NUMBER 2 <br />This SUPPLEMENTAL INDENTURE, NUMBER 2, dated as of May 24, 2012 (the <br />"Second Supplement'), is between the LEE COUNTY DEVELOPMENT CORPORATION, a <br />nonprofit corporation duly created and existing under the laws of the State of North Carolina (the <br />"Corporation "), and U.S. BANK NATIONAL ASSOCIATION, a national banking association <br />duly existing under the laws of the United States of America and authorized to accept and <br />execute trusts of the character herein set out under and by virtue of the laws of the State of North <br />Carolina (the "Trustee "); <br />WITNESSETH: <br />WHEREAS, the County of Lee, North Carolina (the "County ") is a body corporate and <br />politic and political subdivision duly existing under the laws of the State of North Carolina (the <br />"State "); <br />WHEREAS, the Corporation and the County previously entered into an Installment <br />Financing Contract, dated as of January 1, 2004 (the "Original Contract'), for the purposes <br />outlined therein; <br />WHEREAS, pursuant to an Indenture of Trust, dated as of January 1, 2004 (the "Original <br />Indenture "), between the Corporation and First - Citizens Bank & Trust Company (succeeded by <br />the Trustee), the Corporation has previously executed and delivered $26,220,00 Certificates of <br />Participation (Public School and Community College Project), Series 2004 (the 44 2004 <br />Certificates ") evidencing proportionate undivided interests in rights to receive Installment <br />Payments under the Original Contract, 520,880,000 of which are currently outstanding; <br />WHEREAS, pursuant to the Original Indenture and Supplemental Indenture, Number 1, <br />dated as of December 1, 2006 (the "First Supplement "), between the Corporation and the <br />Trustee, the Corporation has previously executed and delivered $28,355,000 Certificates of <br />Participation (Public Facilities Project), Series 2006 (the "2006 Certificates ") evidencing <br />proportionate undivided interests in rights to receive Installment Payments under the Original <br />Contract, as amended by Amendment Number One to the Installment Financing Contract, dated <br />as of December 1. 2006 (the "First Contract Amendment'), between the County and the <br />Corporation, $25,770,000 of which are currently outstanding; <br />WHEREAS, pursuant to Section 2.11 of the Original Indenture, Additional Certificates <br />(as defined therein) may be executed and delivered in order to pay the cost of refunding all or <br />any portion of the Certificates then Outstanding (both as defined in the Original Indenture) and <br />cost of execution, delivery and sale of the Additional Certificates subject to the terms and <br />conditions specified therein; <br />WHEREAS, for the County desires to cause the Corporation to execute and deliver the <br />2012 Certificate (hereinafter defined) as an Additional Certificate under the Original Indenture to <br />provide funds, together with any other available funds, to (a) refund a portion of the outstanding <br />2004 Certificates and (b) pay the costs incurred in connection with the sale and delivery of the <br />2012 Certificate; and <br />