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• 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. F-3 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 5, 1989 <br /> SUBJECT:Lease purchase proposal <br /> DEPARTMENT: Finance PUBLIC HEARING YES: NO: x <br /> ATTACHMENT(S) : Proposal INFORMATION CONTACT: Ken Chavious <br /> TELEPHONE NUMBER- <br /> Hillsborough - 732 -8181 <br /> Chapel Hill - 968-4501 <br /> Mebane 227-2031 <br /> Durham - 688 -7331 <br /> PURPOSE: To consider approval of a lease purchase proposal submitted by <br /> First Union National Bank of North Carolina for the purchase of computer main <br /> frame hardware. <br /> BACKGROUND: The purchase of computer mainframe hardware was approved by <br /> the Board at their regular meeting scheduled for March 8, 1989 continued to <br /> March 21, 1989. Financing for this purchase is to be provided by a 5 year <br /> lease purchase agreement. <br /> County staff, through the County Commissioner's Association, have arranged for <br /> such an agreement with First Union National Bank of North Carolina. The <br /> proposal from First Union Requires 20 quarterly payments of $13,409 at a 5 <br /> year fixed interest rate of 7.72%. <br /> RECOMMENDATION(S) : Approve proposal from First Union and authorize <br /> Chairman to sign. <br />