The Case Study Assignment

Using information obtained from NC General Statutes $159-148$ and $160$A$-20,$ read the case study scenarios and

respond to the questions that follow. Please include a brief description of how you reached your conclusion$($s$)$

by referencing the SPECIFIC NC General Statute$($s$)$ that apply down to the subsection level. For example, G$.$S$.$

$159-33($a$)(2),$ not G$.$S$.159-33$ unless it does not have sub$-$section$($s$).$ You are not required to cite the text of

the General Statute that applies.

The Town of Low Point now wants to purchase a new aerial ladder truck to go in its new fire station. The

ladder truck will cost $$850,000.$ The town would like to finance the purchase rather than use its fund balance

of $$6,385,000.$ The fire truck vendor can also provide a $10$ year lease at $3\mathrm{.}25\%.$ Monthly payments for the next

$10$ years will be $$28,233\mathrm{.}04.$ Title to the truck will be assigned to the town at the beginning of the lease, but

the vendor will file a lien on the truck's title until the end of the lease. The Town of Low Point is not on the

Unit Assistance List $($UAL$)$ developed by the LGC$.$ Will this vendor lease for the ladder truck need the approval

by the Local Government Commission? Please reference the SPECIFIC NC General Statute$($s$)$ that apply down

to the subsection level. For example, G$.$S$.159-33($a$)(2),$ not G$.$S$.159-33$ unless it does not have sub$-$

section$($s$).$

Resources:NC General Statutes

Grading Criteria

Equal credit for the correct answer and the specific$/$detailed NC General Statute reference$($s$)$ of where you

found the answer.