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<br />extended of the undesigned; thence in a northerly direction along
<br />the western property line, if extended and the western property line
<br />of the undersigned to the point of BEGINNING.
<br />
<br />Water and Sewer District Meeting
<br />
<br /> Chairman Carpenter recessed the meeting of the Board of Commissioners until
<br />the conclusion of the meeting of the Water and Sewer District.
<br />
<br />Chairman Carpenter reconvened the meeting of the Board of Commissioners.
<br />
<br />Lease Financing of Equipment Authorized in 1993/94 Budget
<br />
<br /> The following bids were received for the lease financing of equipment
<br />totaling $404,062.00.
<br />
<br />Bank
<br />
<br />Bank Bank
<br />Qualified Qualified
<br />Rate-4 years Rate-5 years
<br />
<br />Non-Bank Non-Bank
<br />Qualified Qualified
<br />Rate-4 Years Rate-5 Years
<br />
<br />First Union National 3.62%
<br />Southern National 3.91%
<br />First Citizens 4.14%
<br />Wachovia Bank 4.07%
<br />
<br />3.83% 4.45% 5.34%
<br />4.18% 4.69% 4.90%
<br />4.37% 5.23% 5.46%
<br />NA 5.48% NA
<br />
<br /> In a memorandum dated July 27, 1993, Mr. Blair Bennett, Finance Director,
<br />recommended that the Board accept the low bid interest rate of First Union
<br />National Bank at 4.45 percent for four years. He pointed out that the County is
<br />not eligible for the bank qualified proposal due to its recent authorization of
<br />$37,000,000 in Refunding Bonds.
<br />
<br /> The equipment to be financed included the following: Copier, $16,998.00;
<br />(2) Tabulators, $17,430.00; New Mainframe CPU, $120,000.00; Computer & Printer,
<br />$4,058.00; Industrial Air Cleaner, $1,295.00; Band Saw, $4,289.00; Computer &
<br />Printer, $3,400.00; (2) Paddleboats, $2,200.00; Generator, $2,999.00; Top
<br />Dresser, $2,642.00; Clipper/Shredder, $3,381.00; Deck Mower, $8,200.00; Carpet
<br />Cleaner, $1,595.00; Water Flow Tester, $1,275.00; QRV, $26,000.00; (2) Life Pak
<br />10's, $22,000.00; Containment Equipment, $1,300.00; Truck, $9,000.00; and 12
<br />Patrol Cars, $156,000.00. During discussion, Board members questioned the
<br />advisability of using lease financing for such small items as the paddleboats.
<br />Mr. John Day, Budget Officer, reported that it had been necessary to use this
<br />type of financing in the County's budget for 1993-94, but he indicated it was not
<br />a practice that the County would wish to continue each year. The Board agreed
<br />to delay a decision regarding the lease financing proposal until all Board
<br />members are present.
<br />
<br />The Board agreed to meet again at 5:30 P.M. on August 5.
<br />
<br /> UPON MOTION of Commissioner Barnhart, seconded by Chairman Carpenter with
<br />Commissioners Barnhart and Casper and Chairman Carpenter voting for, the Board
<br />deferred the lease financing proposal until August 5, 1993, at 5:30 P.M.
<br />
<br />Discussion of Five-Year Operating Plan/Capital Improvement Plan - Commissioner
<br />Barnhart
<br />
<br /> Commissioner Barnhart asked that the Board meet to discuss the Five-Year
<br />Operating Plan and Capital Improvement Plan Update and to give Mr. Witherspoon
<br />and Mr. Day directions on how to proceed with the preparation of the Plan. The
<br />Board agreed to discuss the development of this Plan at the meeting on August 5.
<br />
<br />Meeting on August 16 with the Board of Social Services
<br />
<br /> Chairman Carpenter reminded the Board of the meeting at the Department of
<br />Social Services at 5:00 P.M. on August 16. The Social Services Public Relations
<br />Committee will present the Department's Annual Report at that time.
<br />
<br />
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