TITLE
Title
APPROVE INSTALLMENT FINANCING RESOLUTION AND CONTRACT
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SPONSOR
Sponsor
Donald Warn
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BACKGROUND
Background
The Board of Commissioners adopted the FY 2026 budget on June 18, 2025, which included the purchase of EMS cardiac monitors and equipment.
For the EMS equipment being financed, we brought a reimbursement resolution to the Board of Commissioners that was approved on October 16, 2025, declaring the intention to reimburse the County from proceeds of tax-exempt financing for the capital expenditures related to the purchase of the EMS equipment.
The County distributed a Request for Proposal on September 17, 2025 to over fifty (50) different financial institutions and received ten (10) qualified responses. The interest rates offered for the financing ranged from 3.31% to 4.49%. An evaluation of the responses was conducted based on financing terms, escrow requirements, credit quality of the institution, and prepayment options.
The two financial institutions with the lowest rates 3.31% and 3.39% require the County to establish an escrow account with their bank, and one charged $5,500 in bank fees to cover their legal expenses related to the financing.
Banc of America Public Capital Corporation (BAPCC) offered an interest rate of 3.4095% and will deposit the funds into our account with North Carolina Capital Management Trust (NCCMT) that is currently paying a little over 4% on our funds. The County already has a relationship with BAPCC and is familiar with the drawdown process from the vehicle financing that was completed earlier this year.
Banc of America Public Capital Corporation was selected for the EMS equipment financing based on several factors: favorable terms, current relationship, lower administrative burden and the ability to deposit the funds in our NCCMT account until they are drawn down.
The County is seeking financing through Banc of America Public Capital Corporation, not to exceed $2,300,000 at a rate of 3...
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