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RES-2012-059 <br />3 <br />RESOLUTION <br />ORANGE COUNTY BOARD OF COMMISSIONERS <br />ORANGE COUNTY, NORTH CAROLINA <br />WHEREAS, the Orange County Board of Education ( "Board of Education ") wishes to enter into an <br />installment purchase contract under N.C. Gen. Stat. § 115C -528 with Chase Equipment Finance for the <br />purchase of certain laptop computers and related equipment to be used for instructional purposes; and <br />WHEREAS, the installment purchase contract will require the Board of Education to pay Chase <br />Equipment Finance a total of up to $2,600,000, inclusive of principal and interest, over the course of the <br />next four fiscal years, in four annual payments, made in arrears, in accordance with the attached Payment <br />Schedule; and <br />WHEREAS, the installment purchase contract is a continuing contract for capital outlay subject to <br />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 ( "Board <br />of Commissioners ") anticipate that the entire cost of the contract with Chase Equipment Finance will be <br />covered by the Orange County Schools' portion of revenues generated by the one - quarter cent sales tax <br />provided by the Board of Commissioners each year, and appropriations from other Board of Education <br />funding sources, the contract is nevertheless being approved by resolution of the Board of Commissioners <br />in orderto comply with the requirements of N.0 Gen. Stat. § 115C- 441(c1). <br />NOW, THEREFORE, BE IT HEREBY RESOLVED, as required by N.C. Gen. Stat. § 115C- <br />441(c1), that the Orange County Board of Commissioners agrees to appropriate sufficient funds to the <br />Orange County Board of Education in ensuing fiscal years to meet the Chase Equipment Finance contract <br />obligations, so long as the amount the Orange County Board of Education shall be obligated to pay under <br />that contract shall not exceed the amounts recited above and in the attached Payment Schedule. Said <br />funds shall be a part of, and not in addition to, regular appropriations made to the Orange County Board of <br />Education. <br />Resolved, this day of 2012 by the Orange County Board of <br />Commissioners. <br />Chair <br />Attachment: Payment Schedule <br />