HomeMy WebLinkAboutRES-2020-042 Resolution regarding a Financing Agreement between Orange County Schools and J.P. Morgan to provide computers for students VW
RES - 2020 - 042
RESOLUTION
ORANGE COUNTY BOARD OF COMMISSIONERS
ORANGE COUNTY , NORTH CAROLINA
WHEREAS , the Orange County Board of Education wishes to enter into a continuing
contract for financing with J . P . Morgan , LLC pursuant to N . C . Gen . Stat . § 115C - 528 for the
purchase of certain computer hardware , software , and related equipment to be used for public
school purposes ; and
WHEREAS , the contract will require the Board of Education to pay J . P . Morgan up to
$ 3 , 084 , 467 . 76 over the 2020 - 21 , 2121 - 22 , 2022 - 23 , and 2023 - 24 fiscal years ; and
WHEREAS , the Board of Education will pay J . P . Morgan in approximate installments of
$ 771 , 116 . 94 in the 2020 - 21 fiscal year , $ 771 , 116 . 94 in the 2021 - 22 fiscal year, $ 771 , 116 . 94 in the
2022 - 23 fiscal year, and $ 771 , 116 . 94 in the 2023 - 24 fiscal year ; and
WHEREAS , the contract may be a continuing contract for capital outlay subj ect to the
provisions of N . C . Gen . Stat . § § 115C - 441 ( c 1 ) and 115C - 528 , including the approval of the Orange
County Board of Commissioners .
NOW, THEREFORE , BE IT HEREBY RESOLVED , 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 J . P . Morgan contract obligations so long as the amount the Board of
Education shall be obligated to pay under that contract shall be generally equal to the amounts noted
above . Said funds shall be a part of, and not in addition to , regular appropriations made to the
Board of Education . Said funds obligated by this contract for fiscal years 2020 - 21 , 2021 - 22 , 2022 -
23 , and 2023 - 24 shall be budgeted by the Board of Education for this purpose , and the Orange
County Board of Commissioners shall not be obligated to increase its annual appropriation to the
Orange County Board of Education by the amount due under the contract .
A opted and resolved , this the day of , 2020 by the Orange County Board
of Commissioners ,i
Pey Rich, ha ' r ��� 1� 4t
Orange Cou y ar of mm ' stoners
Vpl A ,4;P
17 52
Donna Ba er < � :
Clerk to the Board ' .tt �; a�� ` '