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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 1, 1993 <br /> SUBJECT: CLARIFICATION FOR AUTHORIZATION OF LEASE AND <br /> LEASE PURCHASE AGREEMENTS <br /> DEPARTMENT:PURCHASING AND CENTRAL SERVICES PUBLIC HEARING:YES: NO:XX <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Pam Jones, ext. 2650 <br /> Board Policy#370 and Geoffrey Gledhill <br /> Telephone Number- <br /> Hillsborough 732-8181 <br /> Chapel Hill 967-9251 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To provide clarification for authorization of Lease and Lease/Purchase Agreements. <br /> BACKGROUND: In October,1988,the Board generallyauthorizedthe Purchasing Directorto execute <br /> purchasing contracts for apparatus,supplies,equipmentand constructionrepairs/renovationsin an <br /> amount not to exceed$20,000.The County Attorney and the Purchasing Director believe that this <br /> authorization should be clarified as it regards lease agreements and lease purchase agreements. <br /> These agreements frequentlycarry with them certain certifications that must be made by Orange <br /> County which the Lender may subsequentlyuse for tax advantages. These tax advantages provided <br /> to the Lender can result in the County paying lower interest rates for its lease or lease/purchase <br /> items. <br /> RECOMMENDATION: The Manager and the CountyAttorney recommendthat the Board amend policy <br /> #370to authorize the Purchasing Director to execute leases and lease/purchase contracts <br /> and any accompanying certifications for lease or lease/purchase agreements for <br /> apparatus or equipment in an amount not to exceed$20,000. <br />