Agenda - 03-21-1990 - Laserfiche WebLink

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4' PROPOSAL EXHIBIT (NO. 1) The terms of this Proposal Exhibit are incorporated by reference within the Proposal letter dated March 5. 1989. 1. TYPE OF PROJECT: Installment-Purchase of telephone equipment and a hazardous materials truck. 2. AMOUNT TO BE FUNDED: Approximately $417,200. 3. PROJECT LOCATION: Hillsborough, North Carolina. 4. ANTICIPATED FUNDING DATE: April 1990. 5. TERM: Five (5) year fixed interest rate alternative. The contract will amortize over the term, with payments at the interest rate and payment factor as illustrated below. The rate and payment factor are effective for fundings accomplished within the next thirty days. No. of Quarterly Payments (in arrears) 20 Interest Rate 7.36% Payment $25,122.33 Payment Factor .060217 6. PREPAYMENT OPTION: Zero at the end of the lease term. 102% of the remaining principal at any time during the term. 7. TITLE: Title to the project will pass to the County on the acceptance date. Title will remain in the County's name so long as all payments in the agreement have been made. 8. NO DEFICIENCY JUDGMENT: In compliance with N. C. General Statute Section 160A-20, the contract will provide that in any action for default, no deficiency judgment may be rendered against the County for amounts that may be owed when the proceeds of the sale of the Equipment are insufficient to pay in full the remaining obligations under the contract. 9. TAX STATUS: This proposal is subject to the County being qualified as a governmental entity or "political sub-division" within the meaning of Section 103(A) of the Internal Revenue Code of 1954 as amended. The County agrees to cooperate with First Union in providing evidence as deemed necessary or desirable by First Union to substantiate such tax status.