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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