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BK:00024 PG:0918 <br />The Board of Commissioners for the County of Lee, North Carolina met in a regular <br />meeting in the Commissioners' Room at the Lee County Government Center, 106 Hillcrest Drive <br />in Sanford, North Carolina, the regular place of meeting, at 3:00 p.m. on May 7, 2012. <br />Present: Chairman Linda A. Shook, presiding, and Commissioners Charles Parks, <br />Richard Hayes Larry "Doc" Oldham Robert Reives, Nathan B. Paschal and Jim W omack <br />Also present: County Manager John Crompton, Assistant County Manager Lisa Minter, <br />Attorney W.Dale Talbert and Clerk to the Board Gaynell Lee <br />Assistant County Manager <br />t iga Minter introduced the following resolution, the title of which was read <br />and copies of which had been previously distributed to each Commissioner: <br />RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION <br />AND DELIVERY OF AN AMENDMENT NUMBER TWO TO THE <br />INSTALLMENT FINANCING CONTRACT AND RELATED <br />DOCUMENTS IN CONNECTION WITH THE REFINANCING OF <br />CERTAIN INSTALLMENT FINANCING OBLIGATIONS OF THE <br />COUNTY <br />BE IT RESOLVED by the Board of Commissioners (the "Board ") for the County of Lee, <br />North Carolina (the "County "): <br />Section 1. The Board does hereby find and determine as follows: <br />(a) The Board has determined to refinance a portion of the County's installment financing <br />obligations evidenced by Certificates of Participation (Public School and Community College <br />Project), Series 2004, dated January 7, 2004 (the "2004 Certificates "), currently outstanding in <br />the principal amount of $20,585,000, the proceeds of which were used to pay the costs of <br />acquiring, constructing and equipping a new public high school and a new emergency services <br />training center for Central Carolina Community College. <br />(b) After a public hearing held on April 16, 2012 and due consideration, the Board has <br />determined that the most efficient manner of refinancing a portion of the County's obligations <br />with respect to the 2004 Certificates will be through the execution and delivery of an <br />Amendment Number Two to the Installment Financing Contract, to be dated as of the date of <br />delivery thereof (the "Second Contract Amendment "), between the County and Lee County <br />Development Corporation (the "Corporation "), supplementing and amending an Installment <br />Financing Contract, dated as of January 1, 2004 (the "Original Contract" and, together with the <br />Second Contract Amendment, the "Contract "), between the County and Corporation, pursuant to <br />