File #: 23-178    Version: 1 Name:
Type: Resolution / Regular Agenda Status: Passed
File created: 12/27/2022 In control: City Commission
On agenda: 1/10/2023 Final action: 1/10/2023
Title: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE PURCHASE AGREEMENT BETWEEN THE CITY OF POMPANO BEACH, AS LESSEE, AND TRUIST FINANCIAL CORPORATION, AS LESSOR, WITH RESPECT TO THE ACQUISITION, PURCHASE, FINANCING AND LEASING OF CERTAIN EQUIPMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS REQUIRED IN CONNECTION THEREWITH; AND AUTHORIZING ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE. (Fiscal Impact: FY 2023 Equipment Financing - $3,500,000.00)
Attachments: 1. City Attorney's Communication 2023-300.pdf Truist.pdf, 2. 2023-83 Resolution - Truist .pdf, 3. Truist FL Master Lease Agreement.DOCX 12-29-22.pdf, 4. Equipment Lease Proposal Results and Recommendation.pdf

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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE PURCHASE AGREEMENT BETWEEN THE CITY OF POMPANO BEACH, AS LESSEE, AND TRUIST FINANCIAL CORPORATION, AS LESSOR, WITH RESPECT TO THE ACQUISITION, PURCHASE, FINANCING AND LEASING OF CERTAIN EQUIPMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS REQUIRED IN CONNECTION THEREWITH; AND AUTHORIZING ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.

(Fiscal Impact: FY 2023 Equipment Financing - $3,500,000.00)

 

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(Staff Contact: Allison Feurtado)

 

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Summary Explanation/Background:

It has been determined that it is in the best interest of the City to finance the acquisition of certain equipment for the Fire, Parks & Recreation, Cultural Affairs, Public Works, and Facilities Maintenance via lease-purchase financing. After soliciting proposals from several banks, it has been determined that Truist Financial Corporation is providing the best terms to finance the acquisition of the capital items over a 5 year term, at a fixed rate of 3.50% via a tax-exempt lease.  Please refer the attached memorandum for further discussion.

 

Origin of request for this action: Finance

Fiscal impact and source of funding: Subject to annual appropriation.  Approximately, $762,954.24 annually from the General Fund (001-9910-599-71-60 & 001-9910-599-72-40).

 

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