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0 BOOK 22 N7GF 1$8 <br />agreement. On May 21, 2007, the Board of Commissioners approved the Board of <br />Education applying for QZAB funding for various capital items. In July 2007 the Lee <br />County Schools were notified they had been approved for $1,622,021 of QZAB authority. <br />On May 5, 2008, the Commissioners approved a resolution supporting an application to <br />the Local Government Commissioner. Mr. Crumpton stated that one of the schools <br />receiving funds from the application must be used as collateral for the installment <br />financing agreement. The Board of Education has selected J. Glenn Edwards <br />Elementary School as that collateral. The school will be acquired by the County and <br />leased back to the Lee County Board of Education until the debt is satisfied. Annual <br />impact of the grant will be $115,858.64. Mr. Crumpton recommended the Board <br />approve the request. <br />Chairman Brown opened the public hearing. <br />No one present spoke in favor of or in opposition to the QZAB application. <br />Chairman Brown closed the public hearing. <br />Commissioner Lemmond introduced a Resolution <br />Mexico Bank & Trust in Connection with an Installme <br />Improvement and Equipping of Public School Facilities <br />these minutes and by this reference made a part hereof <br />the motion, and upon a vote, the results were as follows: <br />Aye: Brown, Kelly, Lemmond, and Shook <br />Nay: None <br />Absent: Paschal, Quiggle, and Reives <br />Accepting the Proposal of New <br />nt Financing for the Renovation, <br />a copy of which is attached to <br />. Commissioner Kelly seconded <br />The Chairman ruled the motion had been adopted unanimously. <br />Commissioner Shook introduced a Resolution Making Certain Findings and <br />Determinations Regarding the Financing of the Renovations, Improvement and <br />Equipping of Pubic School Facilities by the County Pursuant to an Installment Financing <br />Agreement and Requesting the Local Government Commission to Approve the <br />Execution and Delivery of an Installment Financing Agreement, a copy of which is <br />attached to these minutes and by this reference made a part hereof. Commissioner <br />Lemmond second the motion, and upon a vote, the results were as follows: <br />Aye: Brown, Kelly, Lemmond, and Shook <br />Nay: None <br />Absent: Paschal, Quiggle, and Reives <br />The Chairman ruled the motion had been adopted unanimously. <br />Commissioner Kelly introduced a Resolution Authorizing the Execution and Delivery <br />of an Installment Financing Agreement, a Deed of Trust, a Rehabilitation Agreement, a <br />Lease Agreement and Related Documents in Connection with an Installment Financing <br />for School Improvements, a copy of which is attached to these minutes and by this <br />reference made a part hereof. Commissioner Lemmond second the motion, and upon a <br />vote, the results were as follows: <br />