Financing Amount: $1,453,541 Term: 59 months Payments: Semiannual payments; first payment due on or near June 14, 2025 Interest Rate: Tax exempt, fixed Rate Guarantee: 45 days Non-bank qualified: The County is not a small issuer (under $10 million) for calendar year 2025. Expected funding date: On or about March 14, 2025. Funding: All proceeds from the issuance of the agreement will be disbursed to the County at closing. Any account required by lender pursuant to the installment financing agreement must be with a bank or trust company in the State of North Carolina. Prepayment terms: Prepayment terms will be negotiated with the successful Bank. The County desires no prepayment penalty; however, please submit any prepayment limitations proposed. Security: The financing will be secured by a security interest in the equipment acquired with the financing proceeds. The Bank may, at its option, perfect its security interest via the filing of a UCC Financing Statement in the NC Secretary of State’s office. With respect to such pieces of equipment constituting a vehicle required to be titled under North Carolina law, the County shall have no obligation to provide for a notation of lien on the certificates of title for such vehicles. The County will retain all original Certificates of Title. No deficiency judgement may be rendered against the County for breach of contractual obligation under the installment financing agreement. Taxing power: The taxing power of the County will not be pledged, directly or indirectly, to secure repayment due to any bank, assignee, or purchaser. All payments are subject to the annual appropriations of the County. Other: The County reserves the right to review and negotiate all other additional business points of the financing and any major points of interest should be addressed in the proposal. Continuing disclosure: The installment financing agreement issued pursuant to this proposal will be filed with the Electronic Municipal Market Assess (EMMA) in accordance with continuing disclosure requirements under Rule 15c2-12 of the Securities and Exchange Commission (SEC). The Bank will provide a Material Event Notice letter with the financing documents. Financial reports: Financial reports for the County are available at https://www.darenc.gov/departments/finance/annualcomprehensive-financial-reports
