2015-018 Resolution Approving the Three Year Lease/Purchase Agreement with BB&T RESOLUTION NO.2015-018
A RESOLUTION TO APPROVE THE THREE (3) YEAR
LEASE/PURCHASE AGREEMENT #9909001665-00003 WITH BRANCH
BANKING AND TRUST COMPANY (BB&T) FOR THE FINANCING OF
NEW POLICE VEHICLES FOR$466,762.50 AT AN ANNUAL INTEREST
RATE OF 1.36%.
WHEREAS, The City of Ocoee, Florida ("City") has previously determined to undertake
a project for the Lease Purchase Financing of (15) Police Vehicles, 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 Branch Banking
and Trust Company ("BB&T"), in accordance with the proposal dated November 2, 2015. The
amount financed shall not exceed $466,762.50 the annual interest rate (in the absence of default or
change in tax status) shall not exceed 1.36%, and the financing term shall not exceed three(3)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
Project Fund Agreement as BB&T may request.
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 forms 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 form.
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. The City
hereby designates its obligations to make principal and interest payments under the Financing
Documents as "qualified tax-exempt obligations" for the purpose of Internal Revenue Code Section
265(b)(3).
SECTION 5. 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.
CITY OF OCOEE SIGNATURE PAGE
FOR RESOLUTION APPROVING FINANCING TERMS
APPROVED:
ATTEST: CITY OF OCOEE,FLORIDA
e Eikenberry, City Clerk 6 OF Grogan,Mayo 1
DATE: A/overn /71 .20/5
(SEAL)
FOR USE AND RELIANCE ONLY BY APPROVED BY THE OCOEE CITY
THE CITY OF OCOEE,FLORIDA COMMISSION AT A MEETING HELD
APPROVED AS TO FORM AND LEGALITY ON/16VGrnhtsr /7 ,2015
this rrilk day of vJ . , 2015. UNDER AGENDA ITEM NO. 1p .
SHUFFIELD, LOWMAN & WI SO N.1. .
BY:
Scott • . oo' , , Vty Attorney