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Firs~ ;Jnion National Ban}( <br />of No~th Carolina <br />Charlotte, North Carolina 28288 <br /> <br />AUgUSt 30, 1993 <br /> <br />Mr. Blair Bennett <br />Finance Director <br /> <br />PO Box 707 <br />Concord, North Carolina <br /> <br />28026-0707 <br /> <br />It is a pleasure to infol~n you that we offer to enter into an installment <br />purcha.~e tz-ansaction with you tinder the terms of the Installment Purcba~e <br />Contract, dated as of August 30, 1993 (the "Contract"), among First union <br />Natio~l ~nk of North Carolina, (the "B~_nk"), and Cm___barrus County, North <br />Carolina, (the '94unicipality"), and First Union Natior~l Bank of North <br />Carolina, Corporate Trust Depa~h~nt, as Escrow Agent (the "Esc~-uw Agent"), <br />and upon the following additional terms and conditions set forth in this <br />co.u~itment letter. <br /> <br />EQUIPM52¢~: Various Equipment <br /> <br />LOCATION: Cabarrus County, North Carolina <br /> <br />COST OF~QUIPMENT: Up to $404,062 in the aggregate <br /> <br />~ OF ODNTRACT: Four (4) years <br /> <br />FUNDING; INSTALTN~]qT PAYM~qTS: The Bank sbmll advance certain funds to enable <br />the Municipality to purcha~e the Equipment. Said amount sbal I be paid by the <br />Bank to the Escrow ~ent and deposited by the Escrow b~ent in the Escrow Fund <br />created under the Contract. The Escrow Agent shall invest said amount in <br />interest bearing instruments. Co.,,~ncing on the date of said funding, the <br />Municipality sb~ll co,~,',,~rr~e a repayment schedule of eight (8) consecutive <br />semi-annual installment payments. Based on the above anticipated equipment <br />cost, each semi-annual installment payment will be equal to $54,482.37 at an <br />annual percentage rate of 4.45%. <br /> <br /> <br />