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NationsBank Tel 919 942-5183 <br /> Commercial Banking Group Fax 919 967-3881 7 <br /> P. O. Box 570 <br /> Chapel Hill,NC 27514-0570 <br /> • <br /> NationsBank <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 of North Carolina, N.A. ("Bank") is pleased to provide a financing <br /> commitment to Orange County ("Borrower") pursuant to the Installment Financing <br /> Proposal dated November 4, 1994. Terms and conditions are as follows: <br /> BORROWER: Orange County, North Carolina. <br /> PURPOSE: To provide financing for the construction and improvements of <br /> an elementary school in Carrboro plus some equipment <br /> purchases. <br /> TYPE OF FACILITY: The Borrower will have the choice of the following facility <br /> options: <br /> 1) A term loan to be fully funded at closing; OR <br /> 2) A term loan to be drawn upon monthly according to the <br /> construction schedule provided by Orange County (attached). <br /> AMOUNT: Up to $9,600,000.00. <br /> INTEREST RATE: The Borrower will have the choice of the following interest rate <br /> options: <br /> 20 Year Amortization <br /> 1) Fully funded 5.75% (Exhibit A) <br /> 2) Construction Draw 5.78% (Exhibit B) <br /> USA <br /> f4, <br /> Official Sponsor <br /> 1994/1996 Member FDIC <br />