HomeMy WebLinkAboutRES-2012-049 Resolution approving Lease Purchase Agreement between CHCCS NWN Corporation/Cisco Systems, Inc. and Key Government Finance, Inc.Resolution — 2012 -049
RESOLUTION
ORANGE COUNTY BOARD OF COMMISSIONERS
ORANGE COUNTY, NORTH CAROLINA
WHEREAS, the Chapel Hill - Carrboro Board of Education ( "Board of Education ") wishes to enter
into a lease purchase contract under N.C. Gen. Stat. § 115C -528 with Key Government Finance, Inc. for
the purchase of certain computer network and related equipment to be used for instructional purposes;
and
WHEREAS, the contract will require the Board of Education to pay Key Government Finance,
Inc., a total of up to $1,389,085.07 over the next five fiscal years, in five equal payments of approximately
$292,863.92 for the 2012 -13 through the 2016 -17 fiscal years; and
WHEREAS, the Board of Education included the payments listed above in the proposed 2012 to
2022 Capital Investment Plan that was submitted to Orange County on February 3, 2012; and
WHEREAS, the lease purchase contract with Key Government Finance, Inc. is a continuing
contract for capital outlay subject to the provisions of N.C. Gen. Stat. § 115C- 441(c1) and 115C -528; and
WHEREAS, although the Board of Education and Orange County Board of Commissioners
( "Board of Commissioners ") anticipate that the entire cost of the contract with Key Government Finance,
Inc. will be covered by the normal capital outlay appropriations provided by the Board of Commissioners
each year, the contract is nevertheless being approved by resolution of the Board of Commissioners in
order to comply with the requirements of N.0 Gen. Stat. § 115C- 441(c1).
NOW, THEREFORE, BE IT HEREBY RESOLVED, per N.C. Gen. Stat. § 115C- 441(c1), that the
Orange County Board of Commissioners agrees to appropriate sufficient funds to the Chapel Hill -
Carrboro Board of Education in ensuing fiscal years to meet the Key Government Finance, Inc. contract
obligations, so long as the amount the Chapel Hill - Carrboro Board of Education shall be obligated to pay
under that contract shall not exceed the amounts recited above. Said funds shall be a part of, and not in
addition to, regular appropriations made to the Chapel Hill - Carrboro Board of Education.
Resolved, this _/_5 day of PA,< 2012 by the Orange County Board of
Commissioners.
Bernadette Pelissier, Chair