North Carolina Municipal Leasing Corporation

NORTH CAROLINA MUNICIPAL LEASING CORPORATION OWNS DEBT-FINANCED EQUIPMENT WHICH IT LEASES TO THE CITY OF WINSTON-SALEM. THE CITY TAKES TITLE TO THE ASSET AT THE END OF THE LEASE TERM. THE CITY IS OBLIGATED TO PAY TO NORTH CAROLINA MUNICIPAL LEASING CORPORATION, ON AN ANNUAL BASIS, AN AMOUNT EQUAL TO THE EXCESS OF DISBURSEMENT.