Agenda - 01-07-1991 - Laserfiche WebLink

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1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. Y ACTION AGE"IDA ITEM ABSTRACT Meeting Date: January -'7. 1991 3--= ECG: PURCHASE OF NEW FIRE TRUCK --- ORANGE RURAL FIRE DEPARTMENT NO. 1, INC. ------------------------------- ------------------------------------ DI ?cRTt4E:1T: ORANGE RURAL FIRE DE- PUBLIC HEARING YES: N0: X ------------ PARTMENT_F_QI_1 _1 _ INC, - ---------------------- �-- - -_ - - 7 zCH.VENT (S) . COMMITMENT LETTER FROM CCB INFORMATION CONTACT: COUNTY ATTORNEY, 73:2 -2196 TELEPHONE NL14BER- Hillsborough - .7.32 -8181 Chapel Hill - 968 -4501 Mebane - 227 -2031 Durham - 688 -7331 PURPOSE: To authorize Orange Rural Fire Department No. 1, Inc. to conduct a public hearing at its fire station located at .20.3 South Churton Street, Hillsborough, NC, to provide the public an opportunity to express their views on the financing by Orange Rural Fire Department No. 1, Inc. with Central Carolina Bank of the portion of the purchase price of a fire truck. BACKGROUND: The Orange Rural Pike Department No. 1, Inc. will contract with Emergency Equipment, Inc. for the purchase of a new fire truck. The. truck will cost $152,287.00. Approximately $120,000.00 of the purchase price will be financed with a loan from Central Carolina Bank. Orange Rural Fire Department No. 1, Inc.. is eligible for the loan at. a low interest rate (7.25% versus 9.25 %, saving approximately $2,500.00 'interest expense per year for 10 years) if the financing qualifies .as a tax exempt financing under the Internal Revenue,Code. To so qualify, Orange County, with whom Orange Rural Fire 'Department No. 1, Inc. contracts to provide fire protection service within the Orange Rural Fire District, a /k /a the .Central Orange Fire District, must approve the financing and conduct a- public. hearing or direct that one be conducted. The Orange Rural Fire Department No. 1, Inc. has offered to conduct the public hearing at its facility in Hillsborough. .The. public hearing will be held following public notice the night of January 24,;1991 at 7:30 p.m. The-'Orange Rural Fire Department No. 1, Inc. will thereafter. on February 4, 1991 request Board -of Commissionerw approval of the financing. RECOMMENDATION: Authorize the Orange Rural Fire Department No 1, Inc. to conduct a public hearing at 7:30 p.m., January 24, 1991 at the Hillsborough Fire Department building, 203 South Churton Street, Hillsborough, NC, for the purpose of receiving citizen comment on the financing contract between Orange -Rural Fire Department No. 1, Inc. and Central Carolina Bank..