Laserfiche WebLink
<br /> <br /> <br />Finance..Departm~nt <br /> <br />CABARRUS COUNTY INSTALLMENT FINANCING PROPOSAL <br /> <br />Cabarrus County, North Carolina (the "County") wishes to enter into an Installment Purchase <br />Contract (G.S. l60A-20) to finance the renovation. of the Rowan Cabarrus Community College <br />("RCCC") Business Center, design and construction of a parking lot at the RCCC South Campus <br />and design costs for RCCC's Building 3000. . The County will grant a Deed of Trust solely on <br />the RCCC Business Center property to secure its payment obligation. <br /> <br />The County is inviting your proposal to provide the financing on. this project and to offer your <br />lowest interest rate with conditions as follows: <br /> <br />1. The Project cost is approximately 4.2 million dollars. <br /> <br />2. The desired term is 7, 10, or 12 years. Include a proposal for allthree terms. <br /> <br />3. All funds will be needed as of 03/31/05; funds will be deposited into a project/escrow <br />account to be held by the successful bidder and invested at the direction of and for the. <br />benefit of the County. <br /> <br />4. Repayment of moneys are to be semiannuallyinarrears with the first payment due 'on or <br />about 09/30/05. The County will have the right to prepay inwhole or in part at anytime <br />without penalty. <br /> <br />5. Interest rate is to be fIXed for term and/or any reasonable variable rate option. Interest <br />rate should reflect quotes for non-bank qualified only under IRS Code Section 265. <br /> <br />6. There must be a non-appropriation clause inthe Agreement.Non~substitution clauses are <br />not permitted. <br /> <br />7. There can be no deficiency judgment nor can the taxing power be pledged. <br /> <br />8. The Local Government Commission (the LGC) must approve the transaction as required by <br />G.S. l60A-20. <br /> <br />9. The successful bidder will be required to meet in conjunction with the County and the <br />.Local Government . Commission, as necessary. ..The successful bidder will be required to <br />submit an acceptable document package to the LGCand theCounty. <br /> <br />10. The successful bidder will file on behalf of the County any IRS documentation (8038-G) <br />required by the U.S. Treasury and submit one copy upon closing to the LGC. <br /> <br />~~.......... <br /> <br />C3ii3nUsrn.riU <br />The Canblr III Amerlcan~~J <br />NORTH CAROLINA <br /> <br />lJ <br /> <br />Finance Department <br />P.O. Box 707 . Concord, NC 28026-0707 . 704-920-2104 . www.cabarruscounty.us <br /> <br />b- lea . <br /> <br />