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fCABARR SCOUN 'I <br /> NO81H <br /> <br />July 22, 1993 <br /> <br />To: <br /> <br />From: <br /> <br />Subject: <br /> <br />Board of Commissioners <br /> <br />Blair Bennett <br /> <br />Cabarrus County Governmental Center Lease Financing <br /> <br />Cabarrus County entered into a financing arrangement with Wachovia Bank and Trust in 1988 for <br />a 10 year lease financing loan on the Cabarrus County Governmental Center amounting to <br />$8,500,000 with a rate of 7.15%. Through negotiations with Wachovia officials, I have arranged <br />to refinance the Governmental Center for the remaining 5 years. The balance of $5,150,000 to be <br />refinanced includes all fees and prepayment penalties. Wachovia Bank has agreed to reduce our <br />rate to 4.50% thereby saving $207,568 over the remaining five years of the loan. <br /> <br />It is hereby requested that the Board of Commissioners give me authority to proceed with the <br />necessary applications and arrangements with Wachovia officials and the Local Government <br />Commission for completion of this contract. <br /> <br /> Finance Department <br />P.O, Box 707 · Concord, NC 28026-0707 · (704) 788-8104 <br /> <br /> <br />