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Commissioner Hovis - Finance - Resolution Approving Schedule No. 10 for Financing Up to $4,634,989.65 with Debt Payment Obligations Through January 25, 2027 for Rolling Stock (Vehicles & Ambulances) and Equipment (SAN Replacement) to Master Equipment Financing Agreement with Banc of America Public Capital Corp
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STAFF CONTACT
Kyle Sutherland, Interim Director - Finance Department - 704-866-3032
BUDGET IMPACT
budget
The County is obligated to make payments on this debt through January 25, 2027 (Per Schedule No. 10, Exhibit B-1).
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
By approval of this action, the Gaston County Board of Commissioners finds that the financing of the acquisition of the vehicles and other items costing up to $4,634,989.65 pursuant to the terms of the installment purchase contract with Banc of America Public Capital Corp is in the best interest of Gaston County and hereby authorizes the execution of such contract and delivery of documents in connection therewith, and Approves the County’s debt obligation through January 25, 2027 per the attached Schedule No. 10, Exhibit B-1.
On December 12, 2023, the Board approved Resolution 2023-415 appropriating loan proceeds into the General Government Capital Fund and awarded Banc of America Public Capital Corp as the lowest responsible bidder at a rate of 4.2946% for the 36 months’ term.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution; Schedule of Property No. 10