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Resolution — 2012 -049 <br />RESOLUTION <br />ORANGE COUNTY BOARD OF COMMISSIONERS <br />ORANGE COUNTY, NORTH CAROLINA <br />WHEREAS, the Chapel Hill - Carrboro Board of Education ( "Board of Education ") wishes to enter <br />into a lease purchase contract under N.C. Gen. Stat. § 115C -528 with Key Government Finance, Inc. for <br />the purchase of certain computer network and related equipment to be used for instructional purposes; <br />and <br />WHEREAS, the contract will require the Board of Education to pay Key Government Finance, <br />Inc., a total of up to $1,389,085.07 over the next five fiscal years, in five equal payments of approximately <br />$292,863.92 for the 2012 -13 through the 2016 -17 fiscal years; and <br />WHEREAS, the Board of Education included the payments listed above in the proposed 2012 to <br />2022 Capital Investment Plan that was submitted to Orange County on February 3, 2012; and <br />WHEREAS, the lease purchase contract with Key Government Finance, Inc. is a continuing <br />contract for capital outlay subject to the provisions of N.C. Gen. Stat. § 115C- 441(c1) and 115C -528; and <br />WHEREAS, although the Board of Education and Orange County Board of Commissioners <br />( "Board of Commissioners ") anticipate that the entire cost of the contract with Key Government Finance, <br />Inc. will be covered by the normal capital outlay appropriations provided by the Board of Commissioners <br />each year, the contract is nevertheless being approved by resolution of the Board of Commissioners in <br />order to comply with the requirements of N.0 Gen. Stat. § 115C- 441(c1). <br />NOW, THEREFORE, BE IT HEREBY RESOLVED, per N.C. Gen. Stat. § 115C- 441(c1), that the <br />Orange County Board of Commissioners agrees to appropriate sufficient funds to the Chapel Hill - <br />Carrboro Board of Education in ensuing fiscal years to meet the Key Government Finance, Inc. contract <br />obligations, so long as the amount the Chapel Hill - Carrboro Board of Education shall be obligated to pay <br />under that contract shall not exceed the amounts recited above. Said funds shall be a part of, and not in <br />addition to, regular appropriations made to the Chapel Hill - Carrboro Board of Education. <br />Resolved, this _/_5 day of PA,< 2012 by the Orange County Board of <br />Commissioners. <br />Bernadette Pelissier, Chair <br />