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Date |
May 22, 2006 |
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Agenda Item No. 31 Roll Call No. 06- Communication No. 06-284 Submitted by: Merrill Stanley, Assistant City Manager/Finance Director |
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AGENDA HEADING:
Approving an amendment to the Acquisition Fund Agreement for Supplement B1 to the Master Lease Agreement (MLA) with Banc of America Leasing and Capital, LLC.
SYNOPSIS:
Approving an amendment to extend the final acquisition date for Supplement B1 to the MLA to allow for the payment of two police vehicles that have recently been received.
FISCAL IMPACT: None
Amount: NA
Funding Source: NA
ADDITIONAL INFORMATION:
Supplement B1 to the Master Lease Agreement (MLA) was approved in November, 2004 for the purchase of nearly $700,000 of police vehicles. The total purchase consisted of 35 vehicles from four vendors. 33 vehicles have been received and paid for, but two vehicles were misquoted as two-wheel drive instead of four-wheel drive and had to be rebid and ordered.
The Acquisition Fund Agreement approved as a part of Supplement B1 contained a final acquisition date of February 18, 2006. Recent delivery of the vehicles is past the final date and therefore the date must be changed in order to include these vehicles in the original financing. Bond Counsel has reviewed and approved this change as complying with IRS regulations. Staff considers this to be a technical amendment that will allow the original intent of the agreement to be achieved.
PREVIOUS COUNCIL ACTION(S):
Date: November 8, 2004
Roll Call Number: 04-2443 to 04-2445
Action: On Supplement No. B1 to the Governmental Lease-Purchase Master Agreement, $700,000, for acquisition and financing of 32 vehicles for the Police Department. Authorization for additional actions and issuance of an initial supplement. Authorizing execution and delivery of a governmental lease-purchase Master Agreement. (Council Communication No. 04-561). Moved by Kiernan to adopt. Motion Carried 7-0.
BOARD/COMMISSION ACTION(S): NONE
Date: NA
Roll Call Number: NA
Action: NA
ANTICIPATED ACTIONS AND FUTURE COMMITMENTS: NONE