HomeMy WebLinkAboutResolution 96-157 06/17/1996
- RESOLUTION NO. 96-157 N.C.S.
of the City of Petaluma, California
1 RESOLUTION AUTHORIZING LEASE PURCHASE AGREEMENT WITH PRINCETON
2 PUBLIC FINANCE GROUP FOR CERTAIN VEHICLES AND EQUIPMENT
3
4
5 WHEREAS, the City Council authorized the acquisition of certain vehicles and equipment for
6 City purposes in the FY 94-95 and FY 95-96 budgets, and
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8 WHEREAS, the City Council further approved resolutions #94-234 N.C.S and #95-299 N.C.S.,
9 which declared the intent to finance certain essential vehicles and equipment and reimburse the
10 advance of any city funds for the acquisition in compliance with the requirements of section
11 1.148-4 of US Treasury regulations, and
12
13 WHEREAS, a significant portion of the vehicles and equipment have now been acquired, and
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15 WHEREAS, bids-were requested from twelve firms for up to $1,097,800 in vehicles and
16 equipment to be leased, and
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18 WHEREAS, the Lease is to be a "qualified tax-exempt obligation" pursuant to Section 265(b)(3)
19 of the IRS Code of 1986, as amended; and, in compliance with the requirements of Section
20 265(b)(3)(C) of the Code, the City reasonably anticipates to issue in 1996 tax exempt obligations
21 greater than $10,000;000.00 and therefore the lease is not bank qualified; and
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23 WHEREAS, the Princeton Public Finance Group, Lodi, California submitted the bid with the
24 lowest interest rate and in compliance with the terms of the bid.
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26 NOW, THEREFORE BE IT RESOLVED, that the City Council hereby authorizes the Mayor or
27 City Manager to execute the lease agreement, and any other necessary documents, with Princeton
28 Public Finance Group for the financing of the essential vehicles and equipment listed on
29 Attachment A up to the total amount of $1,097,800.
30
Under the power and authority conferred upon this Council by the Charter of. said City.
REFERENCE: I hereby certify the foregoing liesolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (k~Ialp.UA!€?'1);7t1aA4FRHI) meeting form
on the .........1.2.th....... day of .................d.UIIt;........................-°-..., 19.36... by the
following vote:
City Attorney
AYES: Alaguire, Stomps, Read, Shea, Mayor Hilligoss
NOES: None ~
ABSENT: Iia ilt n, Vice May r arias l
ATTEST:
City Clerrk A'.ry~ ,~1, ~ Mayor
L/LpUi t ~`N Ei6i~Fbv~Fila___q-11.._._qq.._......_._
CA 1085 Res. No.._..... 9,Q-. F. ~.L,-. NCS.
CITY OE PETALUMA
VEHICLE AND EQUIPMENT ATTACHMENT A
TO BE LEASED
Item DeSCriptlon Estimated Anticipated Terms
Div/ Qty Leased. Ten Five Two
Dep[ Amounts Yeats Years Yeazs
Police Department
2113 -Patrol
Fully equipped patrol units 6 139,900 139,900
Car Radios 6 3,900 3,900
Electric gate 1 2;000 2,000
Mid Size Utility 1 15,150 15,150
Mid Size Sedans 2 29,000 29,000
12 guns 17 7,900 7,90(1
Hostage phone 1 4,000 4,000
2114 -Communications
Card rack for console position 1 3,250 3,250
2115 -Investigations
Motorola HT 1000 radios 5 4,000 4,000
Varda silent alarm system 3 6,600 6,600
Fire Department
2213 -Suppression
Type I Engine (Pumper) and Equipment 1 283;700 283;700
Type I Engine (Pumper)-Urban Interface 1 267,000 267,000
Urban interface equipment 1 37,000 37,000
Commandvehicle for Battalion Chief 1 31,000 31,000
Emergency generator (Station 3°:(25 K~ 1 33,000 33,000
Replace Unit 9336 with 16 foot trailer 1 10,000 10,(H)0
Public Works
3301- Strccl Signals & Signs Maintenance
Asphalt Paving Truck 1 95,900 95,900
Self Propelled Paving Box 1 54,400 54,40,0
Thermoplastic melting kettles &-trailer 1 17,800 17,800
Parks & Recreation
4150 - Parks/Landscape Maintenance
1/2 Ton Truck with radio t 13;800 13;800
Kabota Tractor 1 17,000 17,000
100 Gal Sprayer 4,500 4,500
3/4 ton truck w/radio l 17;000 17,000
TOTAL TO BE LEASED 1, 7 587,7 370, 139,
TOTAL 1,097,800
6/10/96 7:15 AM LEASE:XLS 1
peso 4(0.15 1~(~5
CITY OF PETALUMA
MUNICIPAL LEASE QUOTES
TERM
Leasing Companies Ten Years FiveYear Two Years
Int Rate Monthly $ Int Rate Monthly $ Int Rate Monthly $
Princeton Public'Finance Group 5.830% $6;474.61 5.670% $7,100.34 5.350% $6;159.56
GE Capital Public Finance 5.894% $6;493.34 5._691% $7,103'91 5.393°/d $6;162.28
MLC Group 6.090% $6;55.1.00 6.070% $7;169,00 6.800% $6;251.00
Banc One Leasing Corporation 6.200% $6,583.86 5:920% $7,141.52 5.670% $6,179.67
MPA 6.250% $6,598.67 6.150% $7;182_.83 5.980% $6;199.67
Leasource Financial 6.340% $6;625.47 6.320% $7;221.96 6.9.10% $6;257:98
~ M.L. Stern 6.600% $6,703.16 5:950% $7,148.40 5.850% $6,191.00
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