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2 <br /> Finance. The lowest interest rate received for the proposed financing was from Chase <br /> Equipment Finance, which is a division of JP Morgan Chase Bank. The proposed rate for the <br /> principal loan amount of $2,194,084 is 1.56% with a term of 4 years, with interest of $86,232, <br /> for a total amount of$2,280,316 <br /> The Chase Equipment Finance agreement represents an annual payment of $570,079. The <br /> Orange County Schools Board of Education approved the financing of the project with Chase <br /> Equipment Finance at its March 21, 2016 Board Meeting. Orange County Schools will dedicate <br /> proceeds from the one-quarter cent sales tax to pay the annual payment. <br /> The State of North Carolina requires that the County and Local Government Commission (LGC) <br /> approve the financing arrangement if the term is 5 years or more. This agreement will not <br /> require LGC approval. <br /> FINANCIAL IMPACT: The financial impact to the County is approximately $2,280,316 and is <br /> included in Orange County Schools Capital Investment Plan. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal Impact associated <br /> with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br /> approving the agreement and authorize the Chair to sign the resolution regarding the <br /> agreement between Orange County Schools and Chase Equipment Finance. <br />