1999 - 07-26-99 Regular Meeting - Laserfiche WebLink

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boor t_7 nu 796 9 �' 0 MINUTES OF THE MEETING OF THE LEE COUNTY BOARD OF COMMISSIONERS IN ITS CAPACITY AS THE GOVERNING BODY OF THE LEE COUNTY WATER AND SEWER DISTRICT NO. 1 JULY 26, 1999 A meeting of the governing body of the Lee County Water and Sewer District No. 1 was held in the Commissioners' Room, Lee County Government Center, 106 Hillcrest Drive, Sanford, North Carolina, on said date. Commissioners present were W. Chad Adams, F. Hubert Garner, Herbert A. Hincks, Bertha L. Matthews, Nathan E. Paschal, Robert T. Reives, and John 1. Sauls. Chainnan Hincks presided and Gaynell M. Lee, Clerk to the Board of Commissioners acted as Secretary of the meeting. Commissioner Adams moved to approve the consent agenda as printed, which consisted of the following item: Minutes Of tile July 12, 1999 meeting Upon a vote, the results were as follows: Aye: Adams, Garner, Hincks, Matthews, Paschal, Reives, and Sauls Nay: None The Chairman ruled the motion had been adopted unanimously. The Board considered approval of funding for the Phase II Water Project from Rural Development. Public Works Director Kenny Cole told the Board that sign -ups for the project would begin today. He also told the Board that public meetings will be scheduled in August at various locations to update individuals on the project. He introduced Mr. Jackie McLamb, Manager of Rural Development. Mr. McLamb told the Board that the project would cost 55,538,000, with a loan not to exceed 54,166,000, a grant not to exceed 51,300,000, and a County contribution of $72,000. He also told the Board that the interest rate would be the lower of the rate in effect at the time of the loan approval or the rate in effect at the time of the loan closing. Mr. McLamb discussed and explained all of the documents involving the funding approval and answered various questions from Board members. After some discussion, Commissioner Matthews moved to approve the following resolution: