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Tel 919 942-5183 5 <br /> NationsBank Fax 919 967.3881 <br /> Commercial Banking Group <br /> . 0, Box erci 570 <br /> Chapel Hill,NC 27514-0570 <br /> NationsBank <br /> • <br /> November 18, 1994 <br /> Mr. Ken Chavious <br /> Finance Officer <br /> Orange County Finance Office <br /> P.O. Box 8181 <br /> Hillsborough, NC 27278 <br /> Dear Mr. Chavious: <br /> NationsBank is pleased to have the opportunity to bid on Orange County's <br /> Proposed Installment Purchase Financing request. Enclosed please find our <br /> commitment letter and related attachments. <br /> The commitment letter presents four options featuring a 15 and a 20 year <br /> amortization, each with two funding choices. With the fully funded options,The <br /> Orange County will be able to draw the full loan aamount drawn a needed for <br /> funds can then be housed in an escrow account have <br /> construction. With the construction draw options, Orange County will have <br /> access to the loan on a monthly basis according <br /> provided by the County. <br /> We <br /> believe that matching the loan draws with the construction tim will instance, <br /> save Orange County a significant amount of interest 678 723.78 compares <br /> the total interest expense described described in Exhibit B of <br /> favorably with the total interest expense is si cant and is possible due to <br /> $5,908,527.08. This $770,19 ono savings outstanding principal amount. <br /> the fact that interest accrues Y <br /> Should Orange County choose a fully <br /> funded interest rate option, <br /> NationsBank would establish an escrow account for moons for this account.excess <br /> funds over the construction placed in a Public Investment Account, which <br /> First, the funds could p <br /> currently bears an interest rate of 2.42% with a yield of 2.45%. This option <br /> USA <br /> NV <br /> Official Sponsor Member FDIC <br /> 19941799E <br />