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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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