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]CASAF RUS COUI I <br /> <br />July 27, 1993 <br /> <br />To: <br /> <br />From: <br /> <br />Subject: <br /> <br />Board of Coramissioners <br /> <br />Blair Bennett <br /> <br />Lease Financing of Equipment Authorized in 1993/94 Budget <br /> <br />Attached, please find a copy of equipment that was authorized by the 1993/94 budget requiring <br />lease financing. We sent out proposals to 5 banks requesting bids for this financing. It was <br />requested that the banks bid the lease financing under 2 different methods - bank qualified and <br />non-bank qualified proposals. A bank qualified proposal is one in which the County guarantees <br />that we will not issue debt in excess of $10,000,000 during the calendar year. Non-bank <br />qualified means we would exceed that limit. Since the County has recently authorized <br />$37,000,000 in Refunding Bonds, we have only one choice of proposals, the non-bank qualified. <br /> <br />I have attached a summary of the bank proposals. It is my recommendation that the County <br />accept the Iow bid interest rate of First Union National Bank at 4.45% for 4 years. <br /> <br /> Finance Department <br /> <br />P.O. Box 707 · Concord, I~C 28026.0707 · (704) 788-8104 <br /> <br /> <br />