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[CA8ARRUSCOUNffl <br /> <br />May 30, 1995 <br /> <br />TO: <br /> <br />FKOM: <br /> <br />SUBJECT: <br /> <br />Cabarms County Board of Commissioners <br /> <br />Blair Bennett ~ <br />Finance Director <br /> <br />Lease Financing for Westside Elementary School <br /> <br />Cabarms County has requested and received Lease Financing bids from 3 major banking <br />institutions for the funding of Westside Elementary School A total of 9 Requests for Proposals <br />were distributed to various banks or institutions. Please find below the results of the financing bid <br />proposals as presented for the tern of 10, 12 and 15 years. <br /> <br />10 Years 12 Years 15 Years <br /> <br />First Union National Bank 4.71% <br />Branch Banking & Trust 4.74% <br />Wachovia Bank & Trust 4.76% <br /> <br />4.74% 4.80% <br />5.09% 5.57% <br />4.92% 4.99% <br /> <br />The low bid from First Union National Bank for the 10, 12 and 15 year periods would reflect <br />annual debt service payments as follows: <br /> <br />10Years = $1,252,781.72 <br />12Years = $1,091,236.60 <br />15 Years = $ 933,429.04 <br /> <br />Difference - compared to 10 Years <br /> <br />$161,545.12 <br />$319,352.68 <br /> <br />Total interest paid over the life of the loan is as follows: <br /> <br />10 Years = $2,627,817.20 <br />12 Years = $3,194,839.20 <br />15 Years = $4,101,435.60 <br /> <br />Difference - compared to 10 Years <br /> <br />$ 567,022.00 <br />$1,473,618.40 <br /> <br /> Finance Department <br /> <br />PO Box 70? · Concord, NC 28026-0707 · (704) 788-8104 <br /> <br /> <br />