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2 <br /> 1. Installment Financing Agreement 1 — Capital Projects - $8.16 million in total debt service, <br /> Interest Rate — 2.41%, Average debt service over 15 years totals $544,252. <br /> 2. Installment Financing Agreement 1 — Equipment - $3.88 million, Interest Rate — 1.24%, <br /> Average debt service over 5 years totals $776,537. <br /> Total debt service will average $803,098 over the term of the installment financing agreements. <br /> FINANCIAL IMPACT: There will be a financial impact in proceeding with the financing. The <br /> maximum annual debt service applicable to the County and School capital investment projects <br /> financing would require $646,920, and $796,415 for the equipment financing in fiscal year 2014- <br /> 15. The total combined debt service for the fiscal year 2014 — 2015 for this financing would be <br /> $1,443,335. <br /> RECOMMENDATION(S): The Manager recommends the Board approve the resolution <br /> authorizing the steps to move forward with the financing of the stated capital project and <br /> equipment financing. <br />