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150
<br />
<br />CODDLE CREEK LEASE FINANCING BIDS - BANK QUALIFIED
<br />
<br />LOAN AMOUNT - $1,600,000.00
<br />
<br />Bank Term
<br />
<br />Interest Bank Other
<br />Cost Council Fees
<br />
<br />Total
<br />Costs
<br />
<br />First
<br /> Citizens
<br />
<br />4.58% (7 yr fixed) $288,258.23
<br />4.79% (10 yr fixed) $432,403.62
<br />
<br />$1,600.00 $1,889,858.23
<br />$1,600.00 $2,034,003.62
<br />
<br />Southern 4.67% (7 yr fixed) $294,041.80
<br /> National 4.92% (10 yr fixed) $453,497.20
<br />
<br />$5,120.00 $1,899,161.80
<br />$5,120.00 $2,058,617.20
<br />
<br />Wachovia
<br />
<br />4.87% (7 yr fixed) $307,402.39
<br />5.16% (10 yr fixed) $468,252.20
<br />
<br />$1,907,402.39
<br />$2,068,252.20
<br />
<br />BB&T
<br />
<br />5.31% (7 yr fixed) $342,046.18 $2-12,000 $5,200.00 $1,954,246.18'
<br />5.49% (Yr 1-5) $496,959.77 $2-12,000 $5,200.00 $2,109,159.77'
<br /> (5 yr Fixed, Var) *Includes $7,000
<br /> for Bank Council
<br />
<br />MUDDY CREEK LEASE FINANCING BIDS - BANK QUALIFIED
<br />
<br />LOAN AMOUNT:
<br />
<br />Bank
<br />First
<br /> Citizens
<br />
<br /> $1,900,000.00
<br /> Interest
<br /> Term Cost
<br />4.58% (7 yr fixed) $342,306.67
<br />4.79% (10 yr fixed) $513,479.31
<br />
<br /> Bank
<br />Council
<br />
<br />Other Total
<br />Fees Costs
<br />$1,900.00 $2,244,206.67
<br />$1,900.00 $2,415,379.31
<br />
<br />Southern 4.67% (7 yr fixed) $349,174.62
<br /> National 4.92% (10 yr fixed) $528,031.00
<br />
<br />$6,080.00 $2,255,254.62
<br />$6,080.00 $2,434,111.00
<br />
<br />Wachovia
<br />
<br />4.87% (7 yr fixed) $365,040.36
<br />5.16% (10 yr fixed) $556,049.54
<br />
<br />$2,265,040.36
<br />$2,456,049.54
<br />
<br />BB & T
<br />
<br />5.31% (7 yr fixed)
<br />5.49% (Yr 1-5)
<br /> (5 yr Fixed, Var)
<br />
<br />$406,179.87 $2-12,000 $5,800.00 $2,318,979.87'
<br />$590,139.72 $2-12,000 $5,~00.00 $2,502,939.72*
<br /> *Includes $7,000
<br /> for Bank Council
<br />
<br /> Ms. Farrell recommended the acceptance of the low bid from First Citizens
<br />Bank with an interest rate of 4.58 percent for seven years.
<br />
<br />Public Hearing on Financing Proposals - 7:00 P,M.
<br />
<br /> At 7:15 P.M., Chairman Barnhart opened the public hearing concerning the
<br />financing proposals for the Coddle Creek Reservoir and Muddy Creek Wastewater
<br />Treatment Plant projects and asked if anyone were present who wished to address
<br />the Board regarding these proposals. There was no one present to speak regarding
<br />the financing proposals, and Chairman Barnhart closed the public hearing.
<br />
<br />Acceptance of Bank Financing Proposal - Coddle Creek Reservoir Project
<br />
<br /> UPON MOTION of Commissioner Fennel, seconded by Commissioner Payne and
<br />unanimously carried, the Board accepted the low bid from First Citizens Bank with
<br />an interest rate of 4.58 percent for seven years for the financing of
<br />$1,600,000.00 to complete the Coddle Creek Reservoir project.
<br />
<br />Resolution Authorizing the Filing of an Application for Approval of Financing
<br />Agreement - Coddle Creek Reservoir Project
<br />
<br /> UPON MOTION of Commissioner Casper, seconded by Commissioner Fennel and
<br />unanimously carried, the Board adopted the following Resolution.
<br />
<br />RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION
<br />FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY
<br />NORTH CAROLINA GENERAL STATUTE 160A-20
<br />
<br /> WI~EREAS, the Board of Commissioners of Cabarrus County desires
<br />to complete the water impoundment facility, known as Coddle Creek
<br />
<br />
<br />
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