HomeMy WebLinkAboutC.054.93010_0852 (2)BankofAmerica��„
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August 27, 2002 mmecal Ban
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west 81030 Street
Statesville, NC 78677
FU 704.838.4035
Ms. Susan G. Blumenstein
Director of Finance and Administration
Iredell County
P.O. Box 788
200 South Center Street
Statesville, NC 28687
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Re: This Commitment Letter is revised from the Letters dated June 6, 2002, June 14, 2002 and
June 19, 2002 at the County s request
Dear Ms. Blumenstein:
Bank of America, N.A. (the "Bank') is pleased to offer the following financing proposal to
Iredell County (the "Borrower") subject to the terms and conditions stated below.
BORROWER: Iredell County
LOAN AMOUNT: 53,510,000.00
PURPOSE To enter into an Installment Purchase Contract (G.S. 160A-20)
with the Borrower to provide for the financing of:
1. Refinancing of the Iredell County Government Center -
South.
INTEREST RATE: A fixed rate equal to 4.65 % per annum, subject to change should
the Borrower's S & P investment rating fall below A or the
North Carolina Municipal Council rating fall below 80. interest
shall be payable semi-annually in arrears based on a 30/360
interest schedule.
The above interest rate is valid only ifthis commitment is
accepted in writing on or before August 29, 2002 and the loan
must be fully funded on or before September 17, 2002.
A fixed rate equal to 4.69 % per annum, subject to change should
the Borrower's S & P investment rating fall below A or the
North Carolina Municipal Council rating fall below 80. Interest