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1 <br />ORANGE COUNTY <br />BOARD OF COt'l2ZISSIONERS Action Agenda <br />Item too. U�B <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: _October 16, 1990 <br />S:;BJECT: PURCHASE OF NEW FIRE TRUCKS- -NEW HOPE VOLUNTEER FIRE <br />DEPARTMENT _ _ ______________..______-_-__------ <br />----- -- RURALrFIRE PUBLIC HEARING YES. 110: X <br />,,- _,kRTMENT: NEW HOPE ___--.---..--------------- <br />DEPARTMENT___.._____ ----------- . <br />A - ACHMENT (S) : RESOLUTION T1141FORMA ^1 TO;1 CONTACT: <br />LEASE PURCHASE COMMITMENT COUNTY ATTORNEY 732 -2196 <br />LETTER TELEPHONE NL74BER- <br />INFORMATION CONCERNING PUBLIC Hillsborough - 732 -8181 <br />HEARING REQUIREMENTS Chapel Hill - 968 -4501 <br />NOTICE OF PUBLIC HEARING Mebane - 227 -2031 <br />MUNICIPAL LEASE AND OPTION AGREEMENT Durham - 688 -7331 <br />PAYMENT SCHEDULE __ ______________ -__ <br />eeNTRAeT- EXTRke___ ______ _____ ___-------------------------------------- <br />__ __ ______�_ <br />PTURPOSE : <br />To approve a lease and option agreement between New Hope Volunteer Fire <br />Department and Emergency One, Inc., to enable New Hope to purchase two <br />fire trucks (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 for <br />the purchase of two new fire trucks. The trucks will cost $317,987.20, <br />$125,000 of which will be paid in cash at delivery. The balance will <br />be financed by New Hope. New Hope is eligible for a loan at a lower <br />interest rate (8.95% vs. 13.25 %, saving $6,000 per year for 10 years <br />in interest expense).if the financing qualifies as a tax exempt financing <br />under the Internal Revenue Code. To so qualify, Orange County, with <br />whom New Hope contracts to provide fire protection services within the <br />New Hope Fire District, must approve the financing and conduct a public <br />hearing or direct that one be conducted. The public hearing was con- <br />ducted on behalf of'Orange County by the New Hope Volunteer Fire Depart- <br />ment. Each person who spoke at the public hearing spoke.in favor of <br />the acquisition of the fire trucks and.the lease and option agreement. <br />The Clerk to the Board has received no written comments concerning this <br />matter. <br />RECOMMENDATIONS: Approve the.Resolution. attached which Resolution approves <br />the lease and option agreement between New Hope Volunteer Fire Department <br />and Emergency One, Inc. <br />