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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 19, 2012 <br />Action Agenda <br />Item No. j -j <br />SUBJECT: Approval of a Lease /Purchase Agreement between Orange County Schools <br />and Chase Equipment Finance to Provide Computers for Teachers and <br />Students <br />DEPARTMENT: Financial and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): <br />Orange County Resolution <br />Lease Agreement with Chase Equipment <br />Finance <br />INFORMATION CONTACT: <br />Clarence Grier, Finance and <br />Administrative Services, 919 -245- <br />2453 <br />Frank Clifton, County Manager, 919 -245- <br />2306 <br />Patrick Rhodes, OCS Superintendent, <br />919- 732 -8126 <br />Angie Veitch, OCS Director of Media <br />and Technology, 919- 732 -8126 <br />PURPOSE: To approve a lease /purchase agreement between Orange County Schools (OCS) <br />and Chase Equipment Finance for the lease /purchase of computers for teachers and students <br />to upgrade the District's digital technology. <br />BACKGROUND: As part of Orange County Schools (District) need to utilize current technology <br />to educate the students of its school district, the Orange County Board of Education conducted <br />a work session on the digital classroom, and decided to approve a digital classroom project to <br />purchase laptop computers to upgrade the existing technology for the District's teachers and <br />students. The purchase of the required computers will be accomplished in two phases. Phase <br />I of the project will include the purchase of 650 laptops for the District's teachers, which will be <br />paid for with funds from the District's 2011 -2012 Budget. Phase 2 of the project involves the <br />purchase of 4,100 laptop computers for students in grades 6 -12, which will be financed through <br />a lease /purchase agreement. The total cost of the purchase of the computers is as follows: <br />Phase 1 <br />$ <br />1,642,550 <br />Phase 2 <br />$ <br />2,684,390 <br />Total <br />$ <br />4,326,940 <br />Orange County Schools received financing proposals from BB &T, Key Bank, Lenovo, and <br />Chase Equipment Finance for Phase 2 of the project. The lowest interest rate received for the <br />