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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 TD EQUIPMENT FINANCE, INC., 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: $6,167,372 over 5 year lease term)
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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, Park & Recreation, Public Works, and Facilities Maintenance via lease-purchase financing. After soliciting proposals from several banks, it has been determined that TD Bank is providing the best terms to finance the acquisition of the capital items over a 5 year term at a fixed rate of 4.41% via a tax-exempt lease. Please refer the attached memorandum for further discussion/
Origin of request for this action: Finance Department
Fiscal impact and source of funding: Subject to annual appropriation. Approximately, $1,233,474 annually (over 5 year lease term) from the General Fund (001-9910-599-71-62 and 001-9910-599-72-42), as budgeted
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