Common Contracts
1 similar Installment Financing Agreement contracts
NOTE 25: SUBSEQUENT EVENTSInstallment Financing Agreement • December 5th, 2017
On July 14, 2017, the Department of Transportation (Department) entered into an installment financing agreement with the Banc of America Public Capital Corp for an aggregate principal amount of $32.3 million for the purposes of financing energy conservation measures within the Department. The agreement was entered into pursuant to the State Energy Conservation Finance Act, Article 8 of Chapter 142 of the North Carolina General Statues; and the proceeds will be used to fund energy efficient lighting upgrades on State-owned roadways and in Department buildings, and a lighting monitoring and control system. Interest is computed at a rate of 2.1% per annum, with interest payments from the Highway Fund commencing August 1, 2017. Future interest and principal payments will be due on each February 1, May 1, August 1, and November 1, with the final payment due February 1, 2033.
