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Agenda - 05-16-2017 - 8-d - Approval of Lender for Upcoming Installment Financing
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Agenda - 05-16-2017 - 8-d - Approval of Lender for Upcoming Installment Financing
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5/12/2017 8:11:29 AM
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BOCC
Date
5/16/2017
Meeting Type
Regular Meeting
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Agenda
Agenda Item
8d
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Minutes 05-16-2017
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\Board of County Commissioners\Minutes - Approved\2010's\2017
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5 <br /> Mark A Cargo <br /> Managing II::Diirector <br /> ki STERLING SterlIng Natiionall Bank <br /> 9667 I avenscrott I....N NW <br /> NATIONAL A N Concord„ <br /> 704-2874493 704-2874493 493�93 <br /> f::i:.rr 01 mcargo @snb.com <br /> Website: www.snb.com <br /> TERM SHEET <br /> TYPE OF FINANCING: A tax-exempt Installment Financing Contract (the "IFC"), with <br /> repayment subject to annual appropriations, which will enable <br /> the Borrower to finance the purchase of essential governmental <br /> equipment (the "Equipment") as well as funding improvements <br /> as various facilities. Lender will fund the IFC on a private- <br /> placement basis. <br /> BORROWER: Orange County, NC <br /> LENDER: Sterling National Bank, or its designee or assignee <br /> ESCROW: IFC proceeds shall be funded into an escrow account (the <br /> "Escrow Fund"), with disbursements made to the Contractor as <br /> the Equipment is delivered and accepted. The Escrow is expected <br /> to be set up with Sterling National Bank at no cost so long as the <br /> proceeds do not require collateralization other than the use of a <br /> surety bond. Escrow Fund earnings shall accrue to the benefit of <br /> the Borrower. <br /> AMOUNT FINANCED: A. $11,142,000.00 (Option B, Draw 2) or B. $13,700,000.00 <br /> (Option B Total) <br /> EQUIPMENT/USE: Vehicles/Equipment&Capital Improvements <br /> TERM: Approximately Twenty (20)years (see Exhibit A& B). <br /> PAYMENT STRUCTURE: Borrower shall make principal and interest IFC payments as set <br /> forth in the RFP. Payments will be made from any legally available <br /> funds. <br /> INTEREST RATE: A. 2.86%and B. 2.83%(20 year) <br /> INTEREST RATE LOCK: The Interest Rate quoted above is valid for a closing within Forty <br /> four(44) days from the date of this Term Sheet (through June 15 <br /> 2017). Should closing occur after such date,the Interest Rate will <br /> be subject to adjustment five (5) days prior to closing date <br /> utilizing the following index formula: <br /> Interest Rate= (Index * 0.65): A. + 138 bps <br /> B. + 135 bps <br /> SNB Confidential Term Sheet 2 1 P a g e <br />
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