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dogs �� <br />LEE COUNTY <br />Committed Today for a Better Tomorrow <br />RESOLUTION <br />Authorizing Loan to the Sanford Lee County Regional <br />Airport Authority <br />WHEREAS, The City of Sanford and Lee County worked with the State of North <br />Carolina in establishing the Sanford Lee County Regional Airport Authority; and, <br />WHEREAS, the Sanford Lee County Regional Airport Authority is responsible for <br />maintaining and improving the airport facility located off of Captain Rod Sullivan <br />Road; and, <br />WHEREAS, the City of Sanford and Lee County entered into an agreement that <br />created a fiduciary responsibility to the Airport; and, <br />WHEREAS, the Sanford Regional Airport Authority has determined a need to <br />expand and improve the airport facility due to continued growth of general <br />aviation in Lee County; and, <br />WHEREAS, the Authority, working with Davenport & Associates as their financial <br />consultant and in cooperation with Local Government Commission, has <br />determined that the best source for a long term loan is from the City of Sanford <br />and Lee County. <br />NOW, THEREFORE, BE IT RESOLVED, by the Lee County Board of <br />Commissioners that the staff of Lee County is authorized to develop loan <br />documents for the purpose of lending the Airport Authority $850,000 for a period <br />of 15 years at a market interest rate to be mutually agreed upon by Davenport & <br />Associates, the City of Sanford, Lee County, the Sanford Lee County Regional <br />Authority, and the North Carolina Local Government Commission (LGC). Once <br />the loan documents are approved by the LGC, they will be presented back to the <br />Board of Commissioners for their final approval and signature by the Chairman. <br />Adopted this 17th day of August 2015. <br />ATTEST: <br />C24"/J. "�� <br />11 M. Lee, Cler o the Board <br />Amy Dafrymple, Chairman <br />Lee County Board of Commissioners <br />