HomeMy WebLinkAboutC.054.93009_1731believe the transaction looked like a lease with an option to purchase. Hall said the VFD's
indebtedness was a lease purchase. When the debt is paid the equipment belongs to the department.
Johnson said that usually a lease purchase did not have a provision for early pre -payment of debt.
"There's no opportunity to save on interest." Hall said United Financial representatives said the
department could make payments. These would come off the principal instead of the interest.
Johnson said the VFD should make sure it had this in writing.
Commissioner Johnson reminded the group of the past financial problems with the County's
VFDs. He mentioned the fire tax increase and a discussion at that time as to whether or not the
financial problems contributed to a lack of money or a surplus of debt Johnson asked if Wayside
anticipated more debt in the next eleven years (duration of the refinancing). Hall said he hoped not.
Mr. Hall mentioned that Lake Norman VFD was also due a truck this year. The Fire
Commission is allowing two new trucks per year (until all VFDs are up to standard). After a truck
is ordered, it takes about ten months before delivery.
Commissioner Fortner asked Hall if he was confident the VFD could make the payments.
Hall said yes. He mentioned the fire tax the department received and other revenues.
Attorney Pope asked the imputed interest rate. Blumenstein said it was 5.48. She said she
called First Citizens Bank and found it had recently done a 160A 20 financing and the rate was 5.4.
Blumenstein said the rate was comparable but that to her, installment purchases were "cleaner'
transactions than lease purchases.
MOTION by Commissioner Stewart to authorize the Chairman to sign a letter indicating the
Board had no objection to the lease purchase agreement between Wayside VFD and United Financial
of North Carolina.
VOTING: Ayes - 5; Nays - 0.
CALL. FOR PUBLIC HEARING IN REFERENCE TO THE CHARLOTTE
MECKLENBURG UTILITIES DEPT. (C -MUD) AND TOWN OF DAVIDSON'S REQUEST
FOR A SERVICE AREA: Chairman Haire said this matter was tabled from the December 16
meeting.
MOTION by Commissioner Boone to call for apublic hearing on Tuesday, January 27,1998,
7:00 p.m., at Fairview United Methodist Church, Hwy. 115, Mt. Mourne, N.C. for the purpose of
receiving citizen comment about the C-MUDlTown of Davidson request.
VOTING: Ayes - 5; Nays - 0.
REQUEST FOR APPROVAL OF THE DECEMBER 16,1997 MINUTES
(BRIEFING AND REGULAR SESSION): MOTION by Commissioner Johnson to approve the
Briefing Minutes as presented. In reference to the Regular Minutes, under the County Manager's
Report/MECK-NECK, he requested an amendment be done to the minutes whereby the cap date for
tuition charges for 1998 be deleted.
VOTING: Ayes - 5; Nays - 0.
ANNOUNCEMENT OF VACANCIES OCCURRING ON BOARDS & COMMISSIONS
Adult Care Home Community Advisory Committee (3 announcements)
APPOINTMENTS TO BOARDS & COMMISSIONS
BOARD OF EQUALIZATION & REVIEW (6 APPOINTMENTS & APPT OF
CHAIRMAN AND VICE CHAIRMAN): Commissioner Boone nominated Hal Jolly as a
member and for the office of V ice Chairman. Also, Mr. Boone nominated William White and Ralph
Shepherd. Commissioner Fortner nominated Robert V. Privette as a member and for the office of
Chairman. Commissioner Johnson nominated Carl Martin and Watson Benfield (alternate).