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0 0 <br />BOOK 2 2 PAGE V4 <br />Thereupon, Commissioner J introduced the following resolution <br />the title of which was read and copies of which had en distributed to each Commissioner: <br />RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF <br />AN INSTALLMENT FINANCING AGREEMENT, A DEED OF TRUST, A <br />REHABILITATION AGREEMENT, A LEASE AGREEMENT AND <br />RELATED DOCUMENTS IN CONNECTION WITH AN INSTALLMENT <br />FINANCING FOR SCHOOL IMPROVEMENTS <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 Lee County Board of Education (the "Board of Education"), the governing board <br />of the local school administrative unit in the County, has determined that a need exists for <br />renovating, improving and equipping various public school facilities in the County, including, <br />without limitation, Bragg Street Academy, Broadway Elementary School, Bullock Elementary <br />School, Deep River Elementary School, East Lee Middle School, Floyd L. Knight/Children's <br />Center, Greenwood Elementary School, J. Glenn Edwards Elementary School, J. R. Ingram <br />Elementary School, Lee County High School and West Lee Middle School (collectively, the <br />"Project"). <br />(b) The Project is hereby approved. <br />(c) After a public hearing and due consideration, the Board has determined that the most <br />efficient manner of financing the Project will be through the County entering an Installment <br />Financing Agreement (the "Agreement"), in an aggregate principal amount not to exceed <br />$1,622,021 with New Mexico Bank & Trust (the "Lender"), pursuant to Section 160A-20 of the <br />General Statutes of North Carolina, as amended, and Section 1397E of the Internal Revenue <br />Code of 1986, as amended, and the regulations thereunder. Pursuant to the Agreement, the <br />Lender will advance moneys to the County in an amount sufficient to pay, together with other <br />available funds, the costs of the Project, and the County will repay the advancement in <br />installments (the "Installment Payments")- <br />(d) In order for the County to enter into the plan of finance, the site of J. Glenn Edwards <br />Elementary School (the "Site") will be conveyed by the Board of Education to the County. <br />5 <br />