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Lee County approves financing package and agreement terms for Central Carolina Community College Moore Center
Summary
The Lee County Board of Commissioners on June 2 approved steps to issue limited-obligation bonds of up to $4 million to fund improvements at Central Carolina Community College's Moore Center and selected a 15-year fixed loan from Webster Bank as the recommended financing, while directing the county to pay issuance costs so the college receives roughly $3.82 million net.
The Lee County Board of Commissioners on June 2 held a public hearing and took actions to advance a limited-obligation bond financing of up to $4 million to support building improvements at Central Carolina Community College's Moore Center.
The board opened the hearing after staff described the purpose: to provide funding "to finance various improvements to community college facilities located at the Moore Center on the campus of Central Carolina Community College, and b, pay certain issuance costs related thereto." Lisa Chapman, president of Central Carolina Community College, told commissioners she and the college trustees "are very supportive of this financing" and said the project will enable construction of a biotechnology building and related programming.
Davenport Public Finance led a request-for-proposal process and recommended Webster Bank's 15-year, fixed-rate loan as the county's preferred option. Davenport's…
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