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0 <br />October 23, 2007 <br />Efland Volunteer Fire Co., Inc. <br />PO Box 39, Efland NC 27243 <br />Orange County Commissioners <br />Donna Dean, Budget Director <br />Orange County Budget Office <br />P.O. Box 8181 <br />Hillsborough, NC 27278 <br />Dear Madams and Sirs: <br />The Efland Volunteer Fire Department Board of Directors would like to <br />construct a fire substation on the 19 acres purchased in 2005. The building <br />address is on Highway 70 West, Efland, NC and is located across from the <br />Hancor plant on U.S. 70W <br />The total cost of the substation will be $352,000. We intend on financing <br />$310,000. This money would be financed with a 20 year note at around 4.62 <br />percent. At 12 years, the balance of $158,053.50 could be re-financed or paid <br />off. Payments are estimated at $24,080.05 annually. The total repayment cost <br />would be around $447,014.10. The variability in these numbers would be from <br />slight changes in the interest rate based on the closing date. We are budgeted <br />for the payments in this fiscal year: We may require a tax rate increase of <br />around $24,000 to 35,000 per year to assist with paying this loan and possibly <br />building a fund to pay off the balance at twelve years. <br />If you have any questions contact myself or Assistant Chief Peter <br />Hallenbeck. <br />Thank you, <br />Ronnie L. McAdams, President <br />Efland Volunteer Fire Co, Inc. <br />