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01/12/2005 10:50 <br />BB&T <br />919644'3324 <br />January 6, 2005 <br />ivlr. Ken Chavious <br />Finance Director <br />Orange County <br />PO Box 8181 <br />Hillsborough, NC 27278 <br />Dear Ken: <br />1A <br />Branch Banking 8, Trust Co. <br />Governmental Finance <br />P..Q Box 31273 <br />Charlotte. NC 28231 <br />(704) 954-1700 <br />Fax (704) 954-1799 <br />Enclosed are the amortization schedules for units 001 and 002. I am enclosing the <br />original schedules and the "rate changes" schedules. These schedules will show you the <br />following: <br />Unit 001 Savings of $ 145,992.28 <br />Unit 002 Savings of $ 264,728.94 <br />This is a total savings for these two units of 410,721.22 over the life of the loans. <br />Because we will be making the modifications as of the payment date, there will be no out <br />of pocket cost to the County. <br />I am also enclosing the resolution to be passed by the Orange County Board of <br />Commissioners before the modifications can be made. We have a target date of closing <br />on or before your payment date for these 2 contracts which is February 1, 2005. <br />Because we are not adding any financing dollars to the refinancing/modifications, the fact <br />that Orange County is NBQ this calendar year does not come into play. The original <br />issues were BQ and will remain BQ as long as they are "current refundings" and no <br />money is added to the transactions. <br />Call me at 704-954-1710 with any questions or concerns. <br />Sincerely, <br />BB&T Govemmental Finance <br />??4 <br />Veverly C. Hi s <br />Vice President <br />FINANCE <br />Enclosures