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Date
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June 9, 2008
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Agenda
Item No. 50 Roll
Call No. 08-
Communication No. 08-344 Submitted by: Allen
McKinley, Finance Director/Treasurer |
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AGENDA
HEADING:
Resolution
repealing Roll Call No. 08-165 approved on January 28, 2008 and authorizing
execution and delivery of a supplement, in the principal amount of $750,000, to
the governmental lease-purchase master agreement between the City of
SYNOPSIS:
To authorize the
execution of a $750,000 supplement under the governmental lease-purchase master
agreement with De Lage Landen Public Finance LLC (DLL) under the recently
approved master lease agreement. The
supplement was previously approved by Council under a master lease agreement
with Banc of America Public Capital Corp. (BoA) that was subsequently terminated.
FISCAL
IMPACT:
Amount: Not to exceed $750,000 plus
interest (no change from previous council action)
Funding Source: 2007-08 Operating Budget, Finance Department – Debt Service Funds, Debt Service Administration, FIN900100, page 155. (no change from previous council action)
ADDITIONAL
INFORMATION:
On January 28, 2008 City Council approved supplement C-1 not to exceed
$750,000 with Banc of America Public Capital Corp. for the financing of the
replacement of six pieces of equipment in the Public Works Department. Subsequent to the approval, BoA decided not
to exercise the last one-year renewal of the contract. The Finance Department immediately initiated
an RFP process to engage a new financing source for the master lease
program. The RFP process was completed
in the spring with the City Council awarding the new Master-Lease Agreement to DLL. It is now necessary to repeal the previous Council
actions that specifically related the supplement authorization with BoA and
authorize the same supplement with DLL.
PREVIOUS
COUNCIL ACTION(S):
Date: May
5, 2008
Roll Call
Number: 08-794
Action: Master
Lease-Purchase Agreement with De Lage Landen Public Finance LLC. (Council Communication
No. 08-242) Moved by Vlassis to approve. Motion Carried
6-1.
Date: January
28, 2008
Roll Call
Number: 08-163
through 08-165
Action: On Supplement C-1
to the City’s Master Lease-Purchase Agreement for purchase of various vehicles
and equipment for the Public Works Department, not to exceed $750,000. Moved by Kiernan to adopt. Motion Carried 7-0.
Date: January
7, 2008
Roll Call
Number: 08-039
Action: On
Supplement C-1 to the City’s Master Lease-Purchase Agreement for purchase of
various vehicles and equipment for the Public Works Department, not to exceed
$750,000, (1-28-08). (Council
Communication No. 08-005) Moved by Vlassis to adopt. Motion Carried 7-0.
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS: NONE
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,