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BB&T BB &T Governmental Finance <br />Post Office Box 710 <br />Snow Camp, North Carolina 27349 <br />Office: (336) 376 -0254 <br />July 7, 2016 <br />Ms. Suzanne Burgess <br />Cabarrus County <br />65 Church St S, <br />Concord, NC 28025 <br />Dear Ms. Burgess: <br />Branch Banking and Trust Company (`BB &T ") is pleased to offer this proposal for the financing <br />requested by Cabarrus County, North Carolina ( "County "). <br />(1) Project: 911 System <br />(2) Amount to be Financed: $283,642.15.00 <br />(3) Interest Rates, Financing Terms and Corresponding Payments: <br />Term NBQ Rate <br />5 years 1.77% <br />Payments shall be semi - annual in arrears, or as requested. See the attached amortization schedule(s) <br />for information on payments. <br />The financing proceeds may be deposited on behalf of the County in a project fund account with <br />Branch Banking & Trust. Earnings on the project fund shall accrue to the benefit of the County for use on <br />Project costs or interest payments. <br />The interest rate stated above is valid for a closing not later than August 19, 2016. A convenient date <br />and time shall be mutually agreed upon for closing. Closing is contingent upon completing documentation <br />acceptable to BB &T and upon the condition of the equipment acceptable to BB &T. BB &T shall provide a list <br />of required documentation for closing should we be the successful proposer. Additionally, we shall review <br />your most recent financial statements before funding this transaction. <br />All applicable taxes, permits, costs of counsel for the County and any other costs shall be the County's <br />responsibility and separately payable by the County. The financing documents shall allow prepayment of the <br />principal balance in whole on a scheduled payment date with a 1% prepayment premium. <br />The stated interest rate assumes that the County expects to borrow more than $10,000,000 in calendar <br />year 2016 and that the County shall comply with IRS Code Sections 141, 148, 149(e). BB &T reserves the <br />right to terminate its interest in this bid or to negotiate a mutually acceptable rate if the financing is not a tax - <br />exempt financing. <br />Attachment number 1 \n <br />F -7 Page 84 <br />