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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: $4,017,097)
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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 Public Works functions via lease-purchase financing. After soliciting proposals from several banks, it has been determined that TD Equipment Finance, Inc., is providing the best terms to finance the acquisition of capital items over a 5 year term, at a fixed interest rate of 1.13% via a 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, $825,907 annually from General Fund accounts (001-9910-599.71-60 & 001-9910-599.72-40).
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