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$100,000* Hogan told the supervisors—to which Welch responded that he would be more comfortable if the $100,000 was in the bank rather than Hogan’s pocket.
Hogan said the group would not be standing before the supervisors now if it were not confident it could raise the funds needed. “I hate to see this division come between the people in the county who have children in the school, and those who do not,* he commented.
Edward Wayland of Piedmont District said he wanted to “see more details* about the financing and the lease terms before deciding. County Administrator John McCarthy said Commonwealth's Attorney Peter Luke had spent an hour-and-a-half Monday on the phone with Musco’s attorney working out details of the lease-purchase, and the board would be provided those details.
McCarthy disclosed Monday .that the terms of the proposed deal have been altered from what RCSSA originally disclosed, which called for annual payments of $51,132 for 10 years if the county signs the agreement.
Because the anonymous donor has provided a $100,000 payment up-firont, McCarthy said, the amount to be financed is decreased accordingly, resulting in annual payments of about $38,000 over 10 years, rather than the $51,132 originally estimated.
The county administrator also said that Musco’s proposed lease would permit the county to stop making annual payments during the 10-year-term if RCSSA defaulted on its
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