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8 <br /> Potential Savings - Based upon repayment <br /> scenarios under consideration <br /> and interest rate environment <br /> as of March 12 , 1993 , net <br /> present value savings and <br /> savings as a percent of the <br /> refunded bond principal <br /> amount will be approximately <br /> $788 , 354 and 3 . 1099% <br /> respectively. The average <br /> annual cash savings is <br /> estimated to be $59, 000. <br /> The County currently anticipates moving forward in this <br /> transaction with a competitive offering. It is our <br /> understanding that this method is recommended by the Local <br /> Government Commission. We also anticipate retaining Richard <br /> Marvin of Wachovia Bank & Trust Company to act as the <br /> County's financial Advisor for this proposed refunding issue. <br /> Please contact me if you have any questions or comments <br /> regarding the County's efforts to pursue the proposed <br /> refunding issue. <br /> Yours truly, <br /> Kenneth T. Chavious <br /> Finance Director <br /> cc: Orange County Commissioners <br /> John Link, County Manager <br /> Geoffrey Gledhill, County Attorney <br /> Gundars Aperans, Brown & Wood <br /> Richard Marvin, Wachovia Bank & Trust Co. <br />