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County Commissioners <br />WILLIAM C. STAFFORD, .IR. <br />Chairman <br />GORDON A. WICKER <br />Vice-Cheitman <br />ALBERT L. COX <br />BOBBY R. HALL <br />BERT MATTHEWS <br />NATHAN E. PASCHAL <br />ROBERT T. REIVES <br />To: <br />From: <br />Subject <br />Date: <br />0 4G0'~ 177 <br />~r p r %Lk <br />NORTH CAROLINA <br />Lee County Board of Commissioners <br />Beatr ce G C? <br />. Fields, Finance Director <br />Early Payment Of Lease Purchases <br />November 27, 1991 <br />15 <br />WILLIAM K. COWAN <br />Manager <br />Telephone 774-8403 <br />BEATRICE C. FIELDS <br />Assistant Manager <br />Telephone 774-8430 <br />KENNETH R. HOYLE <br />County Attorney <br />FAX c 774-8407 <br />The Finance Committee voted unanimously to recommend the early payment <br />of three (3) lease purchase agreements at Southern National Leasing <br />Corporation. <br />This recommendation is based 1) on our fund balance available for <br />appropriation at the end of the year is sufficient to cover this cost. <br />2) The interest rates that we are paying far exceeds the rate we are <br />earning. The North Carolina Cash Management interest rate today is <br />4.89%. <br />We have to give a one (1) month notice before paying off the loans. <br />The amount due if paid by January 2, 199.L is as follows: <br />Data Processing @ 7.37% $222,144.35 <br />Sanitation Equipment @ 7.09% 81,460.61 <br />Sanitation Equipment @ 6.49% 12,550.11 <br />Total $316,155.07 <br />7 remaining payments budgeted <br />in 1991-92 99,954.05 <br />New funds required $216,201.02 <br />If you should need additional information to help you make a decision, <br />please contact me. <br />200 Wicker Street, P. O. Box 1968, Sanford, North Carolina 27331-1968 <br />