Subject:
Title
Request Approval of Resolution for Issuance of Vehicle and Equipment Replacement Financing.
Body
EXPLANATION AND SUMMARY:
During the FY16 budget process, a vehicle replacement plan was presented with the vehicles and equipment which are due their turn for replacement during the fiscal year. This vehicle replacement plan is maintained and updated each year to maximize the sustainable balance of usage and budget monies. The maximum projected each year is $700,000 in principle.
The resolution, which is attached for your consideration this evening, is to authorize staff to issue a request for proposal from financing institutions. The term will be four years with even payments.
All responses to the RFP will be due by August 3, 2015 and will be brought to Council for approval on August 24, 2015. Once Council has approved financing, departments can purchase their replacement vehicles and equipment.
Departmental Recommendation: Recommend approval of the resolution.
Finance Recommendation: Recommend approval of the resolution.
Purchasing Recommendation: N/A
Town Attorney Recommendation: Pursuant to the Town's Annual Vehicle and Equipment Replacement program, a financing resolution is required to obtain capital financing. The Town Council may approve the proposed resolution in its discretion.
Town Manager's Recommendation: I recommend the Town Council approve the resolution for intent to obtain financing for Town vehicles and equipment purchase in an amount not-to-exceed $700,000 as presented.
Cost and Financing: not to exceed principle amount of $700,000
Account Number: 10912-48308
Decision Needed by This date: July 1, 2015
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to approve the resolution for intent to obtain financing for Town vehicles and equipment purchase in an amount not-to-exceed $700,000 principle, account 10912-48308."
Or
Other action deemed necessary by Council.