Orange County NC Website
Browse       Search
2 <br />FINANCIAL IMPACT: NationsBank has proposed to refinance the existing loan with an interest rate of <br />4.59%. This rate is 1.12% less than the rate on the existing loan. There will be no changes in the other <br />terms or conditions of the existing loan. By refinancing the loan the County will save approximately <br />$60,000 annually and $600,000 over the 10 years remaining on the loan. Fees associated with the <br />refinancing will not exceed $3,750, as indicated in the letter from Bond Counsel. <br />RECOMMENDATION(S): The Manager Recommends that the Boazd adopt the Resolution and <br />approve the Modification Agreement with NationsBank for the refinancing of the McDougle Elementazy <br />School construction loan. <br />