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y.. <br />OR �,.NGZ CO :N T-'Y <br />BOARD On COP /2-1wSSIONERS <br />1 <br />Action Agenda <br />Item No . �% E_ <br />ACTION i,GC }IDA IT-1.1 ABSTRACT <br />Meeting Date: Februar 4 1991 <br />SUBJECT: PURCHASE OF NEW FIRE TRUCK - ORANGE RURAL FIRE DEPARTMENT NO. 1, INC. <br />-------------------- <br />- - MENI "ORANGE r <br />Ri RURAL FIRE DE- <br />D-= A'i�iENTjPARTMENT- N0- _1,_INC- <br />A:, _ ACHMENT (S) . <br />Resolution <br />Notice of Public Hearing <br />CCB Commitment Letter <br />r <br />PUBLIC F EARwNG YES: NO: X <br />INFORMATION CONTACT: <br />County Attorney 732 -2196 <br />TELEPHONE t+u=.1BER- <br />Hillsborough - 732 -8181 <br />Chapel Hi11 - 9.68 -5501 <br />mebane - 227 -2031 <br />Durham - 688 -7331 <br />PURPOSE: To approve a financing contract between Orange Rural Fire <br />Department No. 1, Inc. and Central Carolina Bank for the.purchase <br />of a new fire truck (EEI Pumper W 2500 Gal Tank on 1991 White GMC). <br />BACKGROUND: The Orange Rural Fire. Department No. 1, Inc. will <br />contract with Emergency Equipment; Inc. for the purchase of a new <br />fire truck. The truck will cost $152,287.00. Approximately <br />$120,.000.00 of the purchase. price will be financed with a loan from <br />Central Carolina Bank. Orange Rural Fire Department No. 1, Inc. <br />is eligible for the loan at a low interest rate (7.76% versus <br />9.25 %, saving approximately $1,800..00 interest expense per year for <br />10 years) if the financing qualifies as a tax exempt financing <br />under the Internal Revenue Code. To so qualify, Orange County, <br />with whom Orange Rural Fire Department No. 1, Inc. contracts to <br />provide fire protection services within the Central Orange Fire <br />District, must approve the financing and conduct a public hearing <br />or direct that one be conducted. The public hearing was conducted <br />on behalf of Orange County by the Orange Rural Fire Department No. <br />1, Inc. Each person who spoke at the. public hearing spoke in favor <br />of the acquisition of the fire truck and the financing contract. <br />The Clerk to the Board has received no written comments concerning <br />this matter. <br />RECOMMENDATION: Approve the Resolution attached which Resolution <br />approves the financing contract between Orange Rural Fire <br />Department No. 1, Inc. and Central'Carolina Bank. <br />