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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 18, 2012 <br /> Action Agenda <br /> Item No. 5-f <br /> SUBJECT: Approval of Financing Arrangement for Efland Volunteer Fire Company, Inc. to <br /> Purchase a Fire Engine Truck <br /> DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y/N) No <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Letter from Efland Clarence Grier, (919) 245-2453 <br /> Volunteers Fire Company, <br /> Inc. Board of Directors <br /> Chair <br /> Attachment 2. August 16, 2012 Public <br /> Hearing Notice <br /> Attachment 3. Notes from the August 16, <br /> 2012 Public Meeting <br /> Attachment 4. Fire Service Agreement <br /> Attachment 5. Certificate of Approval <br /> PURPOSE: To approve a request from Efland Volunteer Fire Company, Inc. to enter into a <br /> financing arrangement to purchase a fire truck and authorize the Board of County <br /> Commissioners' Chair to sign the appropriate documents related to the financing arrangement. <br /> BACKGROUND: In the attached letter (Attachment 1) addressed to the Orange County Budget <br /> Office, Ronnie McAdams, Chairman of the Efland Volunteer Fire Company, Inc. indicated the <br /> Company's intent to purchase a new fire truck. Mr. McAdams confirmed that the Company <br /> went through a competitive bid process and awarded the bid to Ferrara Fire Apparatus, Inc. in <br /> Holden, Louisiana. Projected delivery date of the truck is November 2012. <br /> According to Attachment 1, the purchase price of the truck totals $408,941. The Company's <br /> Board of Directors agreed to borrow $250,000 from Branch Banking and Trust Company <br /> (BB&T), and to pay the remaining $158,941 from the Company's capital reserves as well as <br /> $45,000 from its County-held fund balance. With this appropriation, approximately $5,000 <br /> remains in its County-held fund balance. <br />