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FINANCIAL IMPACT: As mentioned above, the amount approved for the projects is <br />$3,475,000. Financing this amount over a 15 year period at an interest rate of 4.22% yields a <br />total cost to the County of $4,602,707. Since the LGC requires level principal payments, the <br />first year's annual principal and interest cost will be $428,707 with annual payments declining in <br />each subsequent year. Payments are scheduled to begin July 2003, and therefore there is no <br />impact on the current year budget. Payment of this debt fits within the guidelines of the debt <br />policy and the County's overall plans for debt issuance over the next 5 year period. <br />RECOMMENDATION(S): The Manager recommends that the Board conduct the public <br />hearing, accept the proposal from BB&T and adopt the required resolutions. <br />