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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE AMENDMENT NUMBER 1 TO SCHEDULE OF PROPERTY NO. 1 TO MASTER EQUIPMENT LEASE/PURCHASE AGREEMENT BETWEEN THE CITY, AS LESSEE AND BANC OF AMERICA PUBLIC CAPITAL CORPORATION, AS LESSOR; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Allison Feurtado)
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Summary Explanation/Background:
The Master Lease/Purchase Agreement with Banc of America Public Capital Corp (Lessor) and between the City of Pompano Beach, Florida (Lessee) the primary purpose is to purchase equipment not to exceed the amount $3,700,000.00. The contract agreement is to purchase certain equipment as described in each Schedule. The City is requesting an extension from Banc of America regarding the acquisition period from its original date of 24 months following the date hereof to 39th months following the date hereof to accommodate departments purchasing the required capital equipment needed due to back-order of such capital equipment.
Origin of request for this action: Finance
Fiscal impact and source of funding: N/A
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