HomeMy WebLinkAboutRES-2012-059 Resolution of Approval of a Lease/Purchase Agreement between Orange County Schools and Chase Equipment Finance to provide computers for teachers and studentsRes. 2012 -059
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RESOLUTION
ORANGE COUNTY BOARD OF COMMISSIONERS
ORANGE COUNTY, NORTH CAROLINA
WHEREAS, the Orange County Board of Education ( "Board of Education ") wishes to enter into an
installment purchase contract under N.C. Gen. Stat. § 115C -528 with Chase Equipment Finance for the
purchase of certain laptop computers and related equipment to be used for instructional purposes; and
WHEREAS, the installment purchase contract will require the Board of Education to pay Chase
Equipment Finance a total of up to $2,600,000, inclusive of principal and interest, over the course of the
next four fiscal years, in four annual payments, made in arrears, in accordance with the attached Payment
Schedule; and
WHEREAS, the installment purchase contract 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 Chase Equipment Finance will be
covered by the Orange County Schools' portion of revenues generated by the one - quarter cent sales tax
provided by the Board of Commissioners each year, and appropriations from other Board of Education
funding sources, 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, as required by N.C. Gen. Stat. § 115C-
441(c1), that the Orange County Board of Commissioners agrees to appropriate sufficient funds to the
Orange County Board of Education in ensuing fiscal years to meet the Chase Equipment Finance contract
obligations, so long as the amount the Orange County Board of Education shall be obligated to pay under
that contract shall not exceed the amounts recited above and in the attached Payment Schedule. Said
funds shall be a part of, and not in addition to, regular appropriations made to the Orange County Board of
Education.
Resolved, this day of 2012 by the Orange County Board of
Commissioners.
Chair
Attachment: Payment Schedule