Orange County NC Website
Browse       Search
ORANGE <br />' BOARD OF COI <br />ACTION AGENDA <br />Meeting Date: May <br />SUBJECT: Lease Purchase Proposal; <br />DEPARTMENT: Finance <br />ATTACHMENT(S): <br />a. Proposal from Wachovia <br />COUNTY <br />IMISSIONERS <br />Action Agen <br />Item No. <br />ITEM ABSTRACT <br />13, 1990 <br />First Wachovia Leasing <br />PUBLIC HEARING YES: NO: X <br />INFORMATION CONTACT: Ken Chavious <br />Ext. 2430 <br />b. Resolution TELEPHONE NUMBER - <br />Hillsborough - 732 -8181 <br />Chapel Hill - 968 -4501 <br />Mebane - 227 -2031 <br />Durham - 688 -7331 <br />- <br />PURPOSE: To consider approval ,:;f a lease purchase proposal submitted by <br />First Wachovia Leasing for the purchase of a hazardous materials <br />vehicle and for telecommunications hardware and software. <br />BACKGROUND: On March 21, 1990, the Board approved a proposal through <br />First Union to fund hazardous Materials Response Vehicle <br />and the telephone system in an amount of $417,200. Subsequent <br />to this approval, First Union withdrew their proposal. <br />The Finance Director has investigated several other options and <br />is bringing forward a new proposal from First Wachovia Leasing <br />Company. First Wachavia is offering a 7.38% rate as compared tc <br />First union's 7.36% rate, resulting in a very minimal payment <br />differential. The Wachovia proposal requires payments of <br />$34,679.20 to be made, in advance, on a quarterly basis for 20 <br />quarters. <br />RECOMMENDATION(S): To accept the proposal from First Wachovia Leasing <br />Company, adopt required resolution, and to authorize the Chair to <br />sign the final lease documents, pending completion and review by <br />the County Attorney, the County Finance Director and the County's <br />Bond Counsel. <br />