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15 <br /> June 23, 1989 <br /> Kenneth T. Chavious <br /> Deputy Finance Director <br /> Orange COunty <br /> P. O. Box 8181 <br /> Hillsborough, North Carolina 27278 <br /> Dear Mr. Chavious: <br /> It is a pleasure to inform you that we offer to enter into a <br /> leasqfpurchase transaction with you under the terms of the Equipment <br /> lease/Purchase Agreement dated as of June 23, 1989, between Gelco Finance <br /> COrporaiton, a subsidiary of General Electric Capital Corporation as <br /> Lessor, and Orange County, North Carolina, as Lessee, and upon the <br /> following additional terms and conditions: <br /> EQUlmENT: Comiter <br /> LOCATION: Hillsborough, North Carolina <br /> COST OF EQUIPMENT: Up to $225,000.00 in the aggregate <br /> TERM OF LEASE: Four (4) years nine (9) months <br /> FEW: Lessee shall be required to make twenty (20) consecutive quarterly <br /> payments, each payable in advance, each equal to a factor of .059633 of <br /> the actual equipment cost. Based on the above anticipated equipment cost, <br /> each quarterly payment will be equal to $13,417.44, at an annual <br /> percentage rate of 7.75$. <br /> INFORMATION REPORTIM REQUIREMENT: For single fundings over $100,000, IRS <br /> Form 8038-G rust be filed by the 15th day of the second month after the <br /> calendar quarter during which the funding occurred. For single fundings <br /> less than $100,000, a consolidated report must be filed using Form <br /> 8038-GC. This form is filed annually, not later than February 15th of the <br /> calendar year following the year in which the funding occurred. <br />