2008 - 06-16-08 Regular Meeting - Laserfiche WebLink

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D BOOK 22 PiGE V2 Noes: M ]hereupon, Commissioner ~~aor introduced the following resolution the title of which was read and copies of which had been distributed to each Commissioner: RESOLUTION MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE FINANCING OF THE RENOVATION, IMPROVMENT AND EQUIPPING OF PUBLIC SCHOOL FACILITIES BY THE COUNTY PURSUANT TO AN INSTALLMENT FINANCING AGREEMENT 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) There exists in the County a need to renovate, improve and equip certain public school facilities of the County. (b) After due consideration, the County has determined to enter into an installment financing agreement (the "Agreement") in the aggregate principal amount of 51,622,021 to pay the costs of renovating, improving and equipping various public school facilities in the County, including, without limitation, Bragg Street Academy, Broadway Elementary School, Bullock Elementary School, Deep River Elementary School, East Lee Middle School, Floyd L. Knight/Children's Center, Greenwood Elementary School, J. Glenn Edwards Elementary School, J. R. Ingram Elementary School, Lee County High School and West Lee Middle School (collectively, the "Project"). (c) The County will enter into the Agreement with New Mexico Bank & Trust (the "Lender"), pursuant to which the Lender will advance to the County amounts sufficient to pay the costs of financing the Project, and the County will repay the advancement in installments (the "Installment Payments"). (d) In order to secure its obligations under the Agreement, the County will execute and deliver a deed of trust (the "Deed of Trust"), granting a lien on the site of J. Glenn Edwards Elementary School (the "Site"), together with all improvements and fixtures located or to be located thereon. (e) It is in the best interest of the County to enter into the Agreement and the Deed of Trust in that such transaction will result in providing financing for such Project in an efficient and cost effective manner. 3