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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING THE LEASE FINANCING OF CERTAIN EQUIPMENT PURSUANT TO AN ANNUAL APPROPRIATION LEASE; APPROVING THE FORMS, AND RELATED LEASE DOCUMENTS BETWEEN THE CITY, AS LESSEE AND BANC OF AMERICA PUBLIC CAPITAL CORPORATION, AS LESSOR; AUTHORIZING THE APPROVAL OF RELATED FINANCING DOCUMENTS, INCLUDING AN ESCROW AGREEMENT AMONG THE CITY, BANC OF AMERICA PUBLIC CAPITAL CORPORATION AND BANK OF AMERICA, NATIONAL ASSOCIATION, AS ESCROW AGENT; PROVIDING FOR CERTAIN AUTHORIZATIONS AND OTHER MATTERS WITH RESPECT THERETO; PROVIDING FOR SEVERABILITY; PROVIDING FOR CONFLICT; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $2,000,000)
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(Staff Contact: Andrew Jean-Pierre)
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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 and Solid Waste functions via lease-purchase financing. After soliciting proposals from several banks, it has been determined that Banc of America Public Capital Corp. is providing the best terms to finance the acquisition of capital items over a 5 year term, at a fixed interest rate of .9987% via a bank qualified tax-exempt lease. Please refer to the attached memorandum for further discussion.
Origin of request for this action: Finance
Fiscal impact and source of funding: Subject to annual appropriation. Approximately, $410,047 annually. $154,063 of this amount will be funded from accounts (488-4910-534.71-80 & 488-4910-534.72-60) for vehicles and equipment. The remaining $255,984 will be paid from General Fund accounts (001-9910-599.71-60 & 001-9910-599.72-40) for the remaining vehicles and equipment.
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