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2012 - <br />RESOLUTION MAKING CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE <br />FINANCING OF T14E PURCHASE OF REAL PROPERTY PURSUANT TO AN INSTALLMENT <br />FINANCING CONTRACT AND REQUESTING THE LOCAL GOVERNMENT COMMISSION <br />TO APPROVE THE FINANCING <br />WHERAS, the Board of Commissioners of Lee County, North Carolina desires to <br />purchase three buildings to provide a facility for the Central Carolina Community <br />College to provide a small business center and small business incubator and to provide <br />much needed office space for Lee County services to better serve the citizens of Lee <br />County (the "Project "); and <br />WHEREAS, the Board of Commissioners of Lee County, North Carolina desires <br />to finance the Project by the use of an installment contract authorized under N.C. General <br />Statute 160A, Article 3, Section 20; and <br />WHEREAS, findings of fact by this governing body must be presented to enable <br />the North Carolina Local Government Commission to make its findings of fact set forth <br />in N.C. General Statute 159, Article 8, Section 151 prior to approval of the proposed <br />contract; <br />NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of <br />Lee County, North Carolina, meeting in regular session on the 16th day of July, 2012, <br />make the following findings of fact: <br />1. The proposed contract is necessary because Central Carolina Community <br />College has limited space to operate a small business center. This project <br />would allow for the small business center to be in the heart of downtown <br />Sanford and provide space for small businesses to start in an incubator <br />situation. This project would also provide office space for County <br />administrative offices freeing up much needed space for human services <br />functions. <br />2. The proposed contract is preferable to a bond issue for the same purpose <br />because Lee County will be borrowing a relatively small amount of money <br />to complete the project. This amount does not make going to the bond <br />market cost effective. In addition, the placement of this debt with an <br />individual will enable Lee County to avoid the normal fees such as an <br />election fee, bond rating, bound counsel, local government commission <br />fees, etc., which are typically associated with general obligation or <br />revenue bonds. <br />3. The sums to fall due under this contract are adequate and not excessive for <br />the proposed purpose because the amount of funds borrowed is relatively <br />small. The cost associated with securing the financing will be less than <br />$10,000 and the financing charge is $171,953.20. <br />