2018-006 Four-Year Lease/Purchase Agreement with Regions for New Equipment and Vehicles RESOLUTION NO. 2018-006
A RESOLUTION TO APPROVE THE FOUR (4) YEAR
LEASE/PURCHASE AGREEMENT WITH REGIONS EQUIPMENT
FINANCE CORPORATION ("REGIONS") FOR THE FINANCING OF
NEW EQUIPMENT AND VEHICLES FOR $462,577.58 AT AN ANNUAL
INTEREST RATE OF 2.6996%.
WHEREAS, The City of Ocoee, Florida ("City", "Lessee") has previously determined to
undertake the Lease Purchase Financing of (1) Side Load Garbage Truck, (1) Claw Truck, and
(2) Pickup Trucks, and the Finance Director has now presented a proposal for the financing of
such.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF OCOEE,FLORIDA,AS FOLLOWS:
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SECTION 1. The City hereby determines to finance the equipment and vehicles through
Regions Equipment Finance Corporation ("Lessor"), in accordance with the proposal dated March
21, 2018. The amount financed shall not exceed $462,577.58 the annual interest rate (in the
absence of default or change in tax status) shall not exceed 2.6996%, 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 equipment and vehicles as
contemplated by the proposal and this resolution. The Financing Documents shall include a
Financing Agreement and an Escrow Agreement as Regions Equipment Finance Corporation may
request. The funds made available under the Lease will be deposited with Regions Bank ("Escrow
Agent") pursuant to an Escrow Agreement between Lessor, Lessee, and Escrow Agent ("Escrow
Agreement") and will be applied to the acquisition of the Equipment in accordance with said
Escrow Agreement.
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 Mayor and City Commission 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. The City Clerk of the Lessee and any other officer of the Lessee who
shall have power to do so be, and each of them hereby is, authorized to affix the official seal of
Lessee to the Financing Documents and attest the same.
SECTION 4. This is a Bank Qualified Lease/Purchase financing under an Equipment
Lease-Purchase Agreement ("the Agreement"). 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
• 414k
Melanie Sibbitt, City Clerk Rusty Jo .on, ayor
DATE: 41-il /'�, l�/?
(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 hrd /7 ,2018
this 17 n+day of A-}' {L , 2018. UNDEk AGENDA ITEM NO. � .
SHUFFIELD, LOWMAN& WII,,SON, P.A.
BY: .d
Scott A. on• en, ity Atto ey