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2 <br />proposed financing was from Chase Equipment Finance, which is a division of JP Morgan <br />Chase Bank. The proposed rate for $2,600,000 is 1.29% with a lease term of 4 years. <br />The Chase Equipment Finance lease agreement represents an annual lease payment of <br />$671,097. The Orange County Schools Board of Education approved the financing of Phase 2 <br />of the project with Chase Equipment Finance at its May 29, 2012 Board Meeting. Orange <br />County Schools will dedicate proceeds from the one - quarter cent sales tax and redirect <br />curriculum, textbook and technology operating funds to pay the annual lease payment. <br />The State of North Carolina requires that the County and Local Government Commission (LGC) <br />approve a lease agreement if the lease term is longer 5 years or more. This lease will not <br />require LGC approval. <br />FINANCIAL IMPACT: The financial impact to the County is approximately $4,326,940 and is <br />included in Orange County Schools Capital Investment Plan. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the lease <br />agreement and authorize the Chair to sign the resolution regarding the lease agreement <br />between Orange County Schools and Chase Equipment Finance. <br />