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RES-2016-028 3 <br /> RESOLUTION <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> ORANGE COUNTY, NORTH CAROLINA <br /> WHEREAS, the Orange County Board of Education ("Board of Education") wishes <br /> to enter into an installment purchase contract under N.C. Gen. Stat. § 115C-528 with <br /> Chase Equipment Finance for the purchase of certain laptop computers and related <br /> equipment to be used for instructional purposes; and <br /> WHEREAS, the installment purchase contract will require the Board of Education to <br /> pay Chase Equipment Finance a total of up to $ 2,280,316 , inclusive of principal and <br /> interest, over the course of the next four fiscal years, in four annual payments, made in <br /> arrears, in accordance with the attached Payment Schedule. <br /> WHEREAS, the installment purchase contract is a continuing contract for capital <br /> outlay subject to the provisions of N.C. Gen. Stat. § 115C-441(c1) and 115C-528; and <br /> WHEREAS, although the Board of Education and Orange County Board of <br /> Commissioners ("Board of Commissioners") anticipate that the entire cost of the contract <br /> with Chase Equipment Finance will be covered by the normal capital outlay appropriations <br /> provided by the Board of Commissioners each year, the contract is nevertheless being <br /> approved by resolution of the Board of Commissioners in order to comply with the <br /> requirements of N.0 Gen. Stat. § 115C-441(c1). <br /> NOW, THEREFORE, BE IT HEREBY RESOLVED, as required by N.C. Gen. Stat. <br /> § 115C-441(c1), that the Orange County Board of Commissioners agrees to appropriate <br /> sufficient funds to the Orange County Board of Education in ensuing fiscal years to meet <br /> the Chase Equipment Finance contract obligations, so long as the amount the Orange <br /> County Board of Education shall be obligated to pay under that contract shall not exceed <br /> the amounts recited above and in the attached Payment Schedule. Said funds shall be a <br /> part of, and not in addition to, regular appropriations made to the Orange County Board of <br /> Education. <br />