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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No V_731-13 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 20, 1994 <br /> SUBJECT: Lease Purchase Agreement - Voting Equipment <br /> DEPARTMENT Finance PUBLIC HEARING YES NO X <br /> ATTACHMENT(S) INFORMATION CONTACT <br /> Lease Purchase Agreement w/ Ken Chavious, ext 2450 <br /> attachments TELEPHONE NUMBER <br /> Resolution Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To consider approval of a lease purchase agreement for voting <br /> tabulators and voting stations. <br /> BACKGROUND: At the August 23, 1994 meeting, the Board of Commissioners <br /> approved the award of a bid for 45 voting tabulators to Business <br /> Records Corporation for $220,600. The Board is also considering at <br /> tonight' s meeting the award of a bid for voting stations to the same <br /> company for $39,000. The County was offered financing at a rate of <br /> 9% for all the voting equipment by the successful bidder. <br /> The Finance Director investigated third party financing options, and <br /> recommends that the Board consider approving the attached 5 year lease <br /> purchase agreement with Wachovia Leasing Corporation. Wachovia has <br /> offered to finance the voting equipment, at a total purchase price of <br /> $259,600, at a significantly lower rate of 7%. Total finance charges <br /> for the 5 year payback period are $50,316.80. Sufficient funds for the <br /> principal and interest payments on the equipment are included in the <br /> Equipment Replacement Capital Project in the approved 1994-1999 Capital <br /> Improvement Plan. <br /> RECOMMENDATION: The Manager recommends that the Board approve the <br /> lease purchase agreement, adopt the attached resolution, and authorize <br /> the Finance Director to execute all required documents, subject to <br /> review by the County Attorney. <br />