HomeMy WebLinkAboutRES-2016-028 Resolution Regarding a Purchase Agreement between Orange County Schools and Chase Equipment Finance to Provide Computers for Teachers and Students RES-2016-028 PAF 4-5-2016 6j
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 $ 2,280,316 , 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.
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 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, 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 5th day of April. 2016 by the Orange County Board of
Commissioners.
Chair
Attachment: Payment Schedule
R0802492
Loan Amortization
date funding payment interest principal balance
4/15/2016 $2,194,084.00 $2,194,084.00
4/15/2017 $ 570,078.88 $34,227.71 $ 535,851.17 $1,658,232.83
4/15/2018 $ 570,078.88 $25,868.43 $ 544,210.45 $1,114,022.38
4/15/2019 $ 570,078.88 $17,378.75 $ 552,700.13 $ 561,322.25
4/1512020 $ 570,078.88 $ 8,756.63 $ 561,322.25 $ 0.00
$2,194,084.00 $2,280,315.52 $86,231.52 $2,194,084.00
J P.Morgan