Orange County NC Website
Browse       Search
BOARD Or JIMISSIONERS ; <br /> Action Agenda <br /> Item No. V-� <br /> ACTION AGENDA ITEM ABSTRACT <br /> 4 <br /> Meeting Date: March 21 , 1990 <br /> SUBJECT: First Union National Bank Lease Purchase Proposal - Equipment <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 a <br /> hazardous materials vehicle and for telecommunications hardware and <br /> software . <br /> BACKGROUND: The purchase of a hazardous materials vehicle was approved _by <br /> the Board at the September 19, 1989 meeting. Subsequently, on December <br /> 19, 1989, the Board approved the purchase of telecommunications hardware <br /> and software. The purchases were approved with the understanding that <br /> third party financing would be the method of payment for these items . <br /> First Union National Bank of North Carolina, administrators of the County <br /> Commissioner ' s Association Installment Purchase Program, has propropsed a <br /> financing arrangement . The total amount to be financed is $417 , 200 . This <br /> amount is based on the following; <br /> total cost down pymt amt financed <br /> Haz . mat vehicle $ 89,712 $20 , 012 $ 69,700 <br /> Tele equip 386,165 38,665 347 , 500 <br /> Total $475 , 877 $58 , 677 5417 , 200 <br /> First Union' s proposal requires 20 quarterly payments of 525 , 122 at a 5 <br /> year fixed interest rate of 7 . 36%. <br /> RECOMMENDATION(S) : Approve proposal from First Union and authorize <br /> Chairman to execute final lease documents upon review and approval of <br /> County Attorney and Finance Director. <br />