SAVINGS THROUGH LEASE-PURCHASE AGREEMENTS Mr. YATES. Are you trying to buy the other buildings which are under lease-purchase? Mr. TURPIN. At the time we had some savings available to purchase these buildings, the nine were all we could purchase. In other words, the firms which were financing the other 20 lease-purchase buildings did not offer favorable terms for us to prepay them. Mr. YATES. How much do you estimate you will save as a result of acquiring those buildings constructed under lease-purchase agree ments? Mr. TURPIN. $3,704,000. Mr. YATES. Over how many years? Is that per year? Mr. TURPIN. No, sir; those are the total savings over the period of the contract. Eight of them were for 10-year periods and one for a 25-year period. The total paid just for those nine projects was $5,606,000. Mr. THOMAS. Percentagewise what is the saving over the capital investment? Mr. TURPIN. Percentagewise it would be about 66 percent. Mr. YATES. Do you have any option under the lease-purchase agreements to purchase the building before the completion of the contract? Mr. MOODY. Under the lease-purchase contracts we had an option to buy them in after the first half of the term. In a 10-year contract we can buy them in at the end of 5 years with prepayment of interest and penalties. The only ones we purchase are those we can buy in at par without the payment of any penalty or premium. Mr. EVINS. How many lease-purchase buildings have not been acquired where you have participated in these payments? Mr. TURPIN. Twenty. There was a total of 29. 1962 CONSTRUCTION PROGRAM Mr. YATES. Where is the list of projects to be constructed under this budget? Mr. TURPIN. Page I-94. Mr. YATES. Insert the charts on page I-94 and I-97. (The pages referred to follow :) Total, 1962 estimate (18 new starts and 2 completions). 181, 325, 000 175,055, 000 Details of the entire program, including application of site and expense funds appropriated under "Sites and expenses, public buildings projects" by project, and phasing by year, are shown on the schedules which follow. 1,726,000 52,000 52,000 6,270,000 Total construction, public buildings projects (20 projects).. 272,054, 000 28, 734, 000 243, 320, 000 229, 151, 440 27, 503, 000 201, 648, 440 18, 495, 197 18, 495, 197 23, 992, 467 5, 119, 027 18, 873, 440 5, 943, 000 35, 100, 000 31, 515, 000] 5,755,000 25, 760, 000] 41, 043, 000 4, 622, 485 4, 622, 485 313,097,000 34, 677, 000 278, 420, 000 260, 666, 440 33, 258, 000 227, 408, 440 23, 117, 682 23, 117, 682 Represents estimate included in 1961 budget justification which included provisions for the U.S. Court of Claims. Adjusted to reflect Federal office building only, without provision for courts, as authorized in Public Law 86-626. |