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• <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 1, 1993 <br />SUBJECT: CLARIFICATION FOR AUTHORIZATION OF LEASE AND <br />LEASE PURCHASE AGREEMENTS <br />Action Agenda <br />Item No <br />DEPARTMENT: PURCHASING AND CENTRAL SERVICES PUBLIC HEARING: YES: NO:XX <br />ATTACHMENT(S): <br />Board Policy #370 <br />INFORMATION CONTACT: <br />Pam Jones, ext. 2650 <br />and Geoffrey Gledhill <br />Telephone Number- <br />Hillsborough 732-8181 <br />Chapel Hill 967-9251 <br />Mebane 227-2031 <br />Durham 688-7331 <br />PURPOSE: To provide clarification for authorization of Lease and Lease/Purchase Agreements. <br />BACKGROUND: In October,1988,theBoard generallyauthorizedthePurchasing Directortoexecute <br />• purchasingcontractsfor apparatus,supplies,equipmentand constructionrepairs/renovationsin an <br />amount not to exceed $20,000. The County Attorney and the Purchasing Director believe that this <br />authorization should be clarified as it regards lease agreements and lease purchase agreements. <br />These agreementsfrequentlycarry with them certain certificationsthat must be made by Orange <br />Countywhich the Lender may subsequentlyuse for tax advantages. These tax advantages provided <br />to the Lender can result in the County paying lower interest rates for its lease or lease/purchase <br />items. <br />RECOMMENDATION: TheManagerandtheCountyAttorneyrecommendthattheBoardamendpolicy <br />#370to authorize the Purchasing Director to execute leases and lease/purchase contracts <br />and any accompanying certificationsfor lease or lease/purchase agreementsfor <br />apparatus or equipment in an amount not to exceed $20,000. <br /> <br />