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BK:00024 PG:0860 <br />(a) The County desires to refinance certain installment financing obligations with respect <br />to all or a portion of the outstanding Certificates of Participation (Public School and Community <br />College Project), Series 2004, dated January 7, 2004 (the "Series 2004 Certificates "), the <br />proceeds of which were used to pay the costs of acquiring, constructing and equipping a new <br />public high school and a new emergency services training center for Central Carolina <br />Community College. <br />(b) After due consideration, the Board has determined to enter into an Amendment <br />Number Two to the Installment Financing Contract (the "Second Amendment ") between the <br />County and Lee County Development Corporation (the "Corporation "), supplementing and <br />amending an Installment Financing Contract, dated as of January 1, 2004 (the "Original <br />Contract' and, together with the Second Amendment. the "Contract'), between the County and <br />the Corporation, to provide for an advancement thereunder in an aggregate principal amount not <br />to exceed $24,000,000 to provide funds, together with any other available funds, to (i) refund all <br />or a portion of the Series 2004 Certificates and (ii) pay certain financing costs relating thereto. <br />(c) The Corporation will advance to the County amounts sufficient to pay the costs <br />specified in subsection (b) of this Section, and the County will repay the advancement in <br />installments, with interest (the "Installment Payments "). <br />(d) The County's obligations under the agreement will be secured by a deed of trust <br />granting a lien on all or a portion of the sites of the facilities financed by the Series 2004 <br />Certificates, together with all improvements and fixtures located or to be located thereon. <br />(e) In order to provide the amount of the advance, the Corporation will enter into a <br />Supplemental Indenture, Number 2 between the Corporation and U.S. Bank National Association <br />(the "Trustee "), supplementing and amending Indenture of Trust, dated as of January 1, 2004, <br />3 <br />