HomeMy WebLinkAbout2020-005 Four-Year Lease/Purchase Agreement with Truist Bank for New Vehicles and Equipment RESOLUTION NO. 2020-005
A RESOLUTION TO APPROVE THE FOUR (4) YEAR
LEASE/PURCHASE AGREEMENT #9909001665-00005 WITH TRUIST
BANK FOR THE FINANCING OF NEW VEHICLES AND EQUIPMENT
FOR$1,077,361.88 AT AN ANNUAL INTEREST RATE OF 1.20%.
WHEREAS, The City of Ocoee, Florida ("City") ("Borrower") has previously
determined to undertake a project for the Lease Purchase Financing of(16) Sixteen Vehicles and
Equipment: (3) SUVs, (3) Pickup Trucks, (7) Police SUVs, (1) Police Transit Van, (1) Police
Van, and (1) Fire Engine, and the City Manager has now presented a proposal for the financing
of such Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF OCOEE,FLORIDA,AS FOLLOWS:
SECTION 1. The City hereby determines to finance the Project through Truist Bank
("Lender"), in accordance with the proposal dated July 20, 2020. The amount financed shall not
exceed $1,077,361.88 the annual interest rate (in the absence of default or change in tax status)
shall not exceed 1.20%, and the financing term shall not exceed four(4)years from closing.
SECTION 2. All financing contracts and all related documents for the closing of the
financing (the "Financing Documents") shall be consistent with the foregoing terms. Officers and
employees of the City as required in the lease documents are hereby authorized and directed to
execute and deliver any Financing Documents, and to take all such further action as they may
consider necessary or desirable, to carry out the financing of the Project as contemplated by the
proposal and this resolution. The Financing Documents shall include a Financing Agreement and a
Closing Certificate as Truist Bank may request.
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SECTION 3. The City Manager is hereby authorized and directed to hold executed copies
of the Financing Documents until the conditions for the delivery of the Financing Documents have
been completed to such officer's satisfaction. The City Manager is authorized to approve changes to
any Financing Documents previously signed by City officers or employees, provided that such
changes shall not substantially alter the intent of such documents or certificates from the intent
expressed in the founts executed by such officers. The Financing Documents shall be in such final
forms as the City Manager shall approve, with the City Manager's release of any Financing
Document for delivery constituting conclusive evidence of such officer's final approval of the
Document's final foiui.
SECTION 4. The City shall not take or omit to take any action the taking or omission of
which shall cause its interest payments on this financing to be includable in the gross income for
federal income tax purposes of the registered owners of the interest payment obligations.
SECTION 5. The City intends that the adoption of this resolution will be a declaration of
the City's official intent to reimburse expenditures for the project that is to be financed from the
proceeds of the Truist Bank financing described above. The City intends that funds that have been
advanced, or that may be advanced, from the City's general fund, or any other City fund related to
the project, for project costs may be reimbursed from the financing proceeds.
SECTION 6. All prior actions of City officers in furtherance of the purposes of this
resolution are hereby ratified, approved and confirmed. All other resolutions (or parts thereof) in
conflict with this resolution are hereby repealed, to the extent of the conflict. This resolution shall
take effect immediately.
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CITY OF OCOEE SIGNATURE PAGE
FOR RESOLUTION APPROVING FINANCING TERMS
APPROVED:
ATTEST: CITY OF OCOEE,FLORIDA
.. jeooL
Melanie Sibbitt, ity Clerk Rusty Johnso ,Tater
DATE:
(SEAL)
FOR USE AND RELIANCE ONLY BY APPROVED BY THE OCOEE CITY
THE CITY OF OCOEE,FLORIDA COM ISSION AT A MEETING HELD
APPROVED AS TO FORM AND LEGALITY ON , 2020
this ' day of Age, . , 2020. UNDE AGENDA ITEM NO. 5 .
SHUFFIELD, LOWMAN . WILSON, P.A.
BY: Air ._.
Scott A. •ooks•n,~ 'ty Attorney
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