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3 <br /> RES-2020-042 Attachment A <br /> RESOLUTION <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> ORANGE COUNTY, NORTH CAROLINA <br /> WHEREAS, the Orange County Board of Education wishes to enter into a continuing <br /> contract for financing with J.P. Morgan, LLC pursuant to N.C. Gen. Stat. § 115C-528 for the <br /> purchase of certain computer hardware, software, and related equipment to be used for public <br /> school purposes; and <br /> WHEREAS, the contract will require the Board of Education to pay J.P. Morgan up to <br /> $3,084,467.76 over the 2020-21, 2121-22, 2022-23, and 2023-24 fiscal years; and <br /> WHEREAS, the Board of Education will pay J.P. Morgan in approximate installments of <br /> $771,116.94 in the 2020-21 fiscal year, $771,116.94 in the 2021-22 fiscal year, $771,116.94 in the <br /> 2022-23 fiscal year, and $771,116.94 in the 2023-24 fiscal year; and <br /> WHEREAS, the contract may be a continuing contract for capital outlay subject to the <br /> provisions of N.C. Gen. Stat. §§ 115C-441(cl) and 115C-528, including the approval of the Orange <br /> County Board of Commissioners. <br /> NOW, THEREFORE, BE IT HEREBY RESOLVED, that the Orange County Board of <br /> Commissioners agrees to appropriate sufficient funds to the Orange County Board of Education in <br /> ensuing fiscal years to meet the J.P. Morgan contract obligations so long as the amount the Board of <br /> Education shall be obligated to pay under that contract shall be generally equal to the amounts noted <br /> above. Said funds shall be a part of, and not in addition to, regular appropriations made to the <br /> Board of Education. Said funds obligated by this contract for fiscal years 2020-21, 2021-22, 2022- <br /> 23, and 2023-24 shall be budgeted by the Board of Education for this purpose, and the Orange <br /> County Board of Commissioners shall not be obligated to increase its annual appropriation to the <br /> Orange County Board of Education by the amount due under the contract. <br /> Adopted and resolved, this the th day of , 2020 by the Orange County Board <br /> of Commissioners. <br /> Penny Rich, Chair <br /> Orange County Board of Commissioners <br /> Donna Baker <br /> Clerk to the Board <br />