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AG19891106
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AG19891106
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Last modified
3/28/2003 9:14:29 AM
Creation date
2/7/2003 11:29:59 AM
Metadata
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/6/1989
Board
Board of Commissioners
Meeting Type
Regular
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PROPOSAL EXHIBIT (NO, 2) <br /> <br /> The terms or this Proposal Exhibit arc incorporated by reference within the <br /> Proposal letter dated Oc~obqr 16, 1989. <br /> <br /> 1. TYPE OF PROJECT: Lease-Purchase of voting machincs. <br /> <br /> 2. AMOUNT TO BE FUNDED: Approximately $178,349. <br /> <br /> 3. PROJECT LOCATION.: Concord, North Carolina. <br /> <br /> 4. ANTICIPATED FUNDING DATE: October 1989 <br /> <br /> 5. I~EAJE TERM: Two (2) year term, complete amortization. The lease will <br /> amortize over thc term selected, with payments at thc interest rate and <br /> payment factor as illustratcd below. Note that thc interest rate, <br /> payments and payment factor are &fcctivc for fundings accomplished <br /> within thc next thirty (30) days. <br /> <br /> No. of Payments (in arrears) 4 <br /> Interest Rate 7.60% <br /> Semi-Annual Payment $48,902.00 <br /> Semi-Annual Payment Factor 0.274193 <br /> <br /> 6, PIJRCHASE ,OPTION; Zero at thc end of the lease term. 102% of the <br /> remaining principal at any time during thc term. <br /> <br />· 7. TITLE.: Title to thc equipment will pass to thc Lessee on thc <br /> acceptance date, Title will remain in thc Lcsscc's name so long as <br /> all payments in thc agreement have been made. <br /> <br /> 8. NONAPPROPRI. ATION/TERMINATJON..: Thc lease provides that the Lessee is <br /> to make reasonable el'forts to obtain funds to satis£y the obligation <br /> in each fiscal year. However, the lease may be terminated without <br /> penalty in the event of nonappropriation. In such event, the Lessee <br /> agrees to provide an attorney's opinion confirming the events or the <br /> nonappropriation and thc Lessce's exercise Of diligence to obtain <br /> funds. <br /> <br />9. TAX STATUS: This proposal is subject to thc Lessee being qualified as <br /> a governmental entity or "political sub-division" within thc meaning <br /> of Section 103(A) Of thc Internal Revenue Code of 1954 as amended. <br /> the Lessee agrees to cooperate with First Un,on in providing evidence <br /> us deemed neccssary or desirable by the Lessor to substantiate such <br /> tax status. <br /> <br /> 10, EXPENSES: Any expenses associated with thc revision of thc basic <br /> lease documentation (as attached) which would require the use or <br /> outside counsel will be paid by the Lessee. <br /> <br /> <br />
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