Agenda - 12-05-94 - VII-A - Laserfiche WebLink

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SUMMARY OF FINANCING PROPOSALS NEW ELEMENTARY SCHOOL BB&T SOUTHERN NATIONAL FIRST UNION WACHOVIA NATIONSBANK Option A_ Variable Rate Offered two Options Option A. 20 yr fixed fully Syr. fixed 10yr var yr 1 5.27% 10 and 12 year 6.02% fixed rate funded and const draw Yrs 1-5 6.03% yr 2 5.60% 15 year financing term was 15 yrs total interest options. Yrs 6-15 68% of Bank Prime max of yr 3 5.81% requested annual payment $5,115, 112 10.5% min of 5.25%. total int cost yr 4 5.93% requirement exceeds debt service fully funded 5.75% based on 68% of current Prime yr 5 5.98% budget Option B. const draw 5.78% $5,106,764 yr 6 6.03% 10 yr fixed 5 year total interest cost yr 7 6.07% floating. ff- $6,678,724 Option B. yr 8 6.12% yrs.1-10 5.83% cd - $5,908,527 3yr and 4yr fixed yr 9 6.24% yrs,'10-15 62% of 8yr variable. yrl0 6.36 prime, floor 5.15 15 yr fixed fully yrs 1-3 5.87% yrs 11-15 77% of prime,ceiling ceding 9.95% funded and const draw yrs 4-7 6.39% of 9.59% floor of 5.01% total total interest cost options yrs 8-15 same as A interest costs est.,55,258,011 $5,288,419 total interest fully funded 5.64% cost$5,205,525 County pays all expenses except Option C. const draw 5.71% trust fees and bank counsel fees Const. Draw 10yr total interest cost Option C. fixed Syr float. ff- $4,753,736 lyr and 6yr fixed yrs 1-10 6.06% cd - 54,021,156 8yr variable. yrs 10-15 same as yr 1 5.25% B. total interest cost Closing costs paid by yrs 2-7 6.33% 55,487,2809. bank. yrs 8-15 same as A total interest All closing costs paid cost $5,207,759 by County. County pays all closing costs except bank originating fees bank escrow fees appraiser fees