HomeMy WebLinkAboutRES-2024-030-Orange County Board of Commissioners Orange County, NC Resolution to approve lease purchase agreement i
RES -2024 - 030
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RESOLUTION
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ORANGE COUNTY BOARD OF COMMISSIONERS
ORANGE COUNTY , NORTH CAROLINA
WHEREAS , the Orange County Board of. Education wishes to enter into a continuing
contract for capital outlay under N . C . Gen . Stat . § 115C - 528 with CDWG and its assignee
American Capital Financial Services , Inc . , for the purchase and financing of certain computer
hardware , software , and related equipment to be used for public school purposes ; and !
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WHEREAS , the contract will require the Orange County Board of Education to pay
American Capital Financial Services , Inc . , a total of three million , three hundred ninety-four
thousand , three hundred eighty-five dollars and forty- eight cents ( $ 3 , 394 , 385 . 48 ) over the 2024 ,
20251 2026 , and 2027 fiscal years , as reflected in more detail on the attached Schedule and
subject to certain credits that the Board of Education may receive from American Capital
Financial Services , Inc . ; and
WHEREAS , the contract may be a continuing contract for capital outlay subject to the
provisions of N . C . Gen . Stat . § § 115C -441 (c1 ) 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 contract obligations with American Capital Financial Services ,
Inc . , or CDWG ' s assignee , so long as the total amount appropriated by the Orange County Board j
of Commissioners for this purpose shall not exceed three million , three hundred ninety-four
thousand , three hundred eighty-five dollars and forty- eight cents ( $ 3 , 394 , 385 . 48 ) . Said funds
shall be a part of, and not in addition to , regular appropriations made to the Orange County
Board of Education . Said funds obligated by this contract for fiscal years 2024 , 2025 , 2026 , and
2027 shall be budgeted by the Orange County Board of Education for this , and no other , purpose E
and shall reflect any credits that the Board of Education may receive from American Capital
Financial Services , Inc . 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 this contract .
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Resolved , this day of 2024 by the Orange County Board of
Commissioners .
Jam zetta Wdford , Chair
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EXHIBIT 1
Property Description and Payment Schedule
Re : Property Schedule No . 1 to Master Tax- Exempt Lease/ Purchase Agreement between American
Capital Financial Services , Inc . and Orange County Board of Education .
THE PROPERTY IS AS FOLLOWS : The Property as more fully described in Exhibit A incorporated herein by
reference and attached hereto . It includes all replacements , parts , repairs , additions , accessions and
accessories incorporated therein or affixed or attached thereto and any and all proceeds of the foregoing ,
including , without limitation , insurance recoveries .
PROPERTY LOCATION :
Address
City , State Zip Code
USE : Technology - This use is essential to the proper , efficient and economic functioning of Lessee or to the
services that Lessee provides ; and Lessee has immediate need for and expects to make immediate use of
substantially all of the Property , which need is not temporary or expected to diminish in the foreseeable future .
Lease Payment
Schedule
Total Principal Amount : $ 3 , 147 , 612 . 90
Termination
Payment Lease Principal Interest Amount
No . Due Date Payment Portion Portion (After Making
Payment for said
Due Date
1 1 -Jun -2024 848 , 595 . 87 848 , 595 . 87 0 . 00 NA
2 1 -Jun -2025 848 , 595 . 87 727 , 287 . 92 121 , 307 . 95 NA
3 1 -Jun -2026 8481596487 765 , 664836 821932451 830 , 246069
4 1 -Jun -2027 848 , 596 . 87 806 , 064 . 75 42 , 532 . 12 0 . 00
TOTALS 31394$ 385 .48 3 , 147 , 612 . 90 246 , 772 . 58
Interest Rate : 5 . 277 %
EXHIBIT
Property Description
Six Thousand Eight Hundred (6 , 800 ) LVO 300E MT8186 Chrome MC00019341 with Cell Tech Service
Thirteen Thousand Six Hundred ( 13 , 600 ) Mightyskins protective vinyl film adhesive