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STATE OF NORTH CAROLINA <br /> DEPARTMENT OF STATE TREASURER <br /> State and Local Government Finance Division <br /> and the Local Government Commission <br /> 325 North Salisbury Street, Raleigh, North Carolina 27603-1385 <br /> APPLICATION FOR APPROVAL OF INSTALLMENT PURCHASE <br /> OR LEASE CONTRACTS <br /> CHECK ONE: ❑ G. S. 160A-19 x G. S. 160A-20 <br /> ❑ G. S. 153A-165 <br /> 1. Unit _Orange County Population 131,123 Date April 30, 2013 <br /> 2. Project Description various capital investment projects and equipment <br /> _(see <br /> attached) <br /> 3. Necessity _ The projects to be financed may include vehicle replacements, information <br /> technology upgrades and replacements, water and sewer projects in the Buckhorn-Mebane <br /> Economic Development District, HVAC improvement and roof replacements for various County <br /> buildings, various communication systems upgrades and replacements, Twin Creeks park <br /> improvements, improvements to the Southern Human Services Center and planning for future <br /> improvements to the Southern Human Services Center and the Whitted Building in <br /> Hillsborough. The County may also use financing proceeds to provide required reserves and to <br /> pay financing costs. <br /> 4. Principal Amount to be Financed ................................................................... $10,000,000 <br /> 5. Interest to be paid during life of contract....................................................... $2,000,000 <br /> 6. Amount due throughout life of contract ......................................................... $12,000,000 <br /> (i.e., amount of periodic payment times number of payments. Should <br /> also be the total of 4 + 5 above.) <br /> 7. Estimated increase in tax rate by reason of proposed financing $ .4054 If <br /> other funding sources are anticipated, explain in one of the following forms: <br /> ❑ LGC-108C Revenue Projection for Water and Sewer <br /> ❑ LGC-108D Revenue Project for Other Enterprises <br /> ❑ LGC-108E Repayment Plan for Non-Enterprise Purposes <br /> 8. Term of contract including options to renew (if any)..................................... 15 years <br /> 9. Basis of design and estimated cost of project (engineer) $10,000,000 <br /> Date construction bids will be opened various <br /> 10. Capital budget based on estimates as of ........................................................ <br /> Estimated Cost Funding Sources <br /> Construction Cost ..................... $10,000,000 Loan......................................... $10,000,000 <br /> Engineer or Arch. Fees............. Grants (indicate source) <br />