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BB&T <br />9 <br />Branch Banking & Trust Co. <br />October 28, 2002 <br />Mr. Kenneth T. Chavious <br />Finance Director <br />Orange County <br />PO Box 8181 <br />Hillsborough, NC 27278 <br />Dear Ken: <br />Governmental Finance <br />3605 Glenwood Avenue, Suite 130 <br />Raleigh, NC 27612 <br />(919) 716-9880 <br />Fax (919) 716-9871 <br />Branch Banking and Trust Company ("BB&T") is pleased to offer this proposal for the financing <br />requested by Orange County (the "County"). <br />(1) project: High School Renovations <br />(2) Amount To lBe Financed: $3,475,000.00 <br />(3) Interest Rates, Financing Terms and Corresponding Payments: <br />Term Rate <br />10 years 4.02% <br />15 years 4.22% <br />Payments shall, be quarterly in arrears. See the attached amortization schedules for information on <br />payments. <br />The interest rate stated above is valid for a closing not later than 45 days after today. Closing of <br />the financing is contingent upon completing documentation acceptable to BB&T and upon the title and <br />condition of the property being acceptable to BB&T. We would also ldce to review your most recent <br />financial statements before funding this transaction. <br />Our fee for providing the financing and preparing documentation shall be one-half of one percent <br />of the amount financed, subject to negotiation. All applicable taxes, surveys, permits, costs of <br />environmental studies, title insurance premiums, LGC approval fees, costs of lawyers for the County and <br />any other costs will be the County's responsibility and separately payable by the County.. The financing <br />documents will allow prepayment of the principal balance in whole at any payment date without a <br />Prepayment premium. <br />