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0 0 <br />BOOK 22 PILE 171 <br />Thereupon, Commissioner introduced the following resolution <br />the title of which was read and copies of whi had been distributed to each Commissioner: <br />RESOLUTION ACCEPTING THE PROPOSAL OF NEW MEXICO BANK <br />& TRUST IN CONNECTION WITH AN INSTALLMENT FINANCING <br />FOR THE RENOVATION, IMPROVEMENT AND EQUIPPING OF <br />PUBLIC SCHOOL FACILITIES <br />WHEREAS, the County of Lee, North Carolina (the "County") intends to enter into an <br />installment financing agreement pursuant to G.S. §160A-20 of the General Statutes of North <br />Carolina for the purpose of providing funds, together with any other available funds, to pay the <br />costs of renovating, improving and equipping various public school facilities in the County, <br />including, without limitation, Bragg Street Academy, Broadway Elementary School, Bullock <br />Elementary School, Deep River Elementary School, East Lee Middle School, Floyd L. <br />Knight/Children's Center, Greenwood Elementary School, J. Glenn Edwards Elementary School, <br />J. R. Ingram Elementary School, Lee County High School and West Lee Middle School <br />(collectively, the "Project"); and <br />WHEREAS, the County has solicited proposals from various financial institutions to <br />provide the financing for such improvements; and <br />WHEREAS, upon careful review and consideration of proposals from such financial <br />institutions to provide such financing, the County desires to accept the proposal of New Mexico <br />Bank & Trust (the "Lender"), <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board") <br />for the County of Lee, North Carolina (the "County") as follows: <br />1. The proposal of the Lender to provide fmancing through an installment financing <br />agreement in the principal amount not to exceed of 51,622,021 for the purpose of providing <br />funds to pay the costs of the Project and associated financing costs is hereby accepted, subject to <br />further approval of the particular documentation related thereto by the Board. <br />2. The County Manager and the Finance Director of the County are each hereby <br />authorized and directed to execute and deliver such documentation as may be necessary to accept <br />the proposal of the Lender. <br />3. This resolution shall take effect immediately upon its passage. <br />Upon motion of Commissioner/ ~~rn~y y seconded by Commissioner <br />the foregoing resolution was opted by th"e~following vote: <br />Ayes: l" l t6 W i vnn h and, <br />7CLn <br />2 <br />