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1 <br />OR AN G E C O U N T Y <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: SEPTEMBER 14, 1990 <br />Action Agenda <br />Item # , )L-1 <br />SUBJECT: PURCHASE OF NEW FIRE TRUCKS - -NEW HOPE VOLUNTEER FIRE <br />.. DEPARTMENT <br />DEPARTMENT: NEW HOPE RURAL FIRE <br />DEPARTMENT <br />ATTACHMENT(S): <br />LEASE PURCHASE COMMITMENT <br />LETTER <br />INFORMATION CONCERNING PUBLIC <br />HEARING REQUIREMENTS <br />PUBLIC HEARING: Yes _X —No <br />INFORMATION CONTACT: <br />COUNTY ATTORNEY, 732 -2196 <br />TELEPHONE NUMBERS: Hillsborough - <br />732 -8181 Durham - 688 -7331 <br />Mebane - 227 -2031 Chapel Hill <br />- 967 - 9251/968 -4501 <br />PURPOSE: To authorize the New Hope Volunteer Fire Department to <br />conduct a public hearing at its fire station located <br />on N. C. Highway 86, to provide the public an <br />opportunity to express their views on a lease purchase <br />contract between New Hope and Emergency One, Inc., <br />which will finance $188,807.20 of the total cost of <br />$313,807.20 for the purchase of two fire trucks <br />(Emergency One Model Protector XLT Pumper /Tanker Fire <br />Apparatuses mounted on two Ford C8000 chassis). <br />BACKGROUND: The New Hope Volunteer Fire Department has contracted <br />for the purchase of two new fire trucks. The trucks <br />will cost $313,807.20, $125,000 of which will be paid <br />in cash at delivery. The balance will be financed by <br />New Hope. New Hope is eligible for a loan at a lower <br />interest rate (8.95% vs. 13.25 %, saving $6,000 per <br />year for 10 years in interest expense) if the <br />financing qualifies as a tax exempt financing under <br />the Internal Revenue Code. To so qualify, Orange <br />County, with whom New Hope contracts to provide fire <br />protection service within the New Hope Fire District, <br />must approve the financing and conduct a public <br />hearing or direct that one be conducted. <br />