BC 1993 12 20 - Laserfiche WebLink

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491 2) Interest Rate. The rate of interest will be 5.15% for the remaining term of the loan beginning January 1, 1994. The rate of interest will be calculated on the basis of a 360-day year. Interest shall be due and payable semi-annually in arrears on July 1 and January 1 of each year. 3) Principal Repayment. The principal of the loan will be repaid in semi-annual payments due on July 1 and January 1 of each year, beginning July 1, 1994. The final payment of principal plus accrued interest will be due July 1, 1998. 4) prepayment. The County will have the right to pre-pay the principal amount in full or in part, subject to the following prepayment schedule. The penalty amount will be a percentage of the principal amount due on the prepayment date. Year One 103% Year Two 102% Year Three 101% Years Four and Five 100% Except as herein amended, the terms and provisions of the commitment letter dated April 22, 1988 between the Bank and the Borrower shall be and remain in full force and effect. Upon return by the Borrower of a fully executed copy of this commitment letter by its expiration date of December 31, 1993, this commitment will be considered accepted and will constitute an agreement obligating the Bank to make and the Borrower to accept the amendments in accordance to the terms and conditions set forth herein. If the executed copy is not received by the Bank by the expiration date noted herein, this commitment shall be considered null and void at the option of the Bank. If the commitment is accepted, all documents related to the amendment must be received by the Bank by December 31, 1993 or the commitment shall be considered null and void at the option of the Bank. Wachovia appreciates the opportunity to do business with Cabarrus County. If you have any questions or need additional information please call me at 788-6164. Sincerely, /s/ Robert W. Suddreth Robert W. Suddreth Vice President Cabarrus County Executive Accepted this 20th day of December, 1993. CABARRUS COUNTY By: /s/ Jeffrey L. Barnhart Chairman, Board of Commissioners Attest: /s/ Frankie F. Bonds UNFINISHED BUSINESS Parks and Recreation Department Facility Needs Ms. Celie Richardson Ms. Celie Richardson, Parks and Recreation Commission member, reiterated the Commission's recommendation for the construction of a new Parks and Recreation Department facility at the Clara Harris site on Corban Avenue. She stated that discussions with School officials had been positive relative to the County's use of the property. The Board again discussed the merits of leasing/renting space at the Old Courthouse Theater and/or building a new facility. Mr. James F. Cook, Jr., Social Services Director, reminded the Board that the Social Services Department remains out of compliance with Federal regulations in regards to space requirements. A motion was made by Commissioner Fennel and seconded by Chairman Barnhart to proceed with discussion with the Board of Education to work out an agreement for the construction of a new Parks and Recreation Department facility at the Clara Harris property. The motion failed with Commissioner Fennel and Chairman Barnhart voting for and Commissioners Payne, Casper and Carpenter voting against.