RES 2013-077RESOLUTION NO. Pni 3_77
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH LAKE TAHOE AUTHORIZING
APPROVAL AND EXECUTION OF THE MASTER EQUIPMENT LEASE /PURCHASE AGREEMENT,
THE ACQUISITION FUND AND ACCOUNT CONTROL AGREEMENT AND SCHEDULE OF
PROPERTY 1, 2 AND 3, FOR THE LEASE /PURCHASE OF EQUIPMENT WHICH INCLUDES A MID
MOUNT PLATFORM LADDER FIRE TRUCK, A CITYWIDE UPGRADE OF THE FINANCIAL
HARDWARE /SOFTWARE SYSTEM, AND OTHER ESSENTIAL USE EQUIPMENT AS
APPROPRIATED IN THE 2012 -2013 AND 2013 -2014 BUDGETS WITH BANC OF AMERICA
LEASING PUBLIC CAPITAL CORPORATION
WHEREAS, the City of South Lake Tahoe intends to purchase certain equipment and vehicles as
approved previously and appropriated in the 2012 -2013 and 2013 -2014 Budget; and
WHEREAS, the cost of the equipment and vehicles designated for lease- purchase financing is
estimated to be $2,000,000 and
WHEREAS, the City Council may decide to make other purchases within the existing fiscal year or
in future years, subject to the bank's credit review of the City, using this financing mechanism; and
THEREFORE BE IT RESOLVED, that the City of South Lake Tahoe is authorized to enter into a
Master Lease Purchase Agreement and related documents with Banc of America Public Capital
Corporation in the principal amount not to exceed $2,000,000, with the interest rate, payment
schedule and other details of the financing mutually determined between the Banc of America Public
Capital Corporation and the Mayor, whose signatures will indicate approval of specific terms and
conditions.
BE IT FURTHER RESOLVED, that the City of South Lake Tahoe declares its intent to be
reimbursed for any temporary advances from the General Fund to pay for any part of the equipment
from proceeds of the lease financing.
PASSED AND ADOPTED by the City Council of the City of South Lake Tahoe on December 10,
2013 by the following vote:
AYES: Council members COLE, LAINE, CONNER, DAVIS & SWANSON
NOES: Council members
ABSENT: Council members
ABSTAIN: Council members
ATT
(CITY SEAL)
Yy ��
Mayor