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File #: RES 11-754    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 4/20/2011
Title: Approving a budget amendment authorizing the 2011 debt service payment for the 2011 Three Year Capital Lease Agreement financing public safety vehicles.
Sponsors: Kathy Lantry
Ward: Budget
Attachments: 1. Financial Analysis 2011 Safety Vehicles Lease.pdf

Title

Approving a budget amendment authorizing the 2011 debt service payment for the 2011 Three Year Capital Lease Agreement financing public safety vehicles.

 

Body

WHEREAS, the Office of Financial Services (OFS) initiated a Request for Financing for the 2011 Public Safety Capital Lease on March 28, 2011 in order to finance police and fire vehicles; and

 

WEHREAS, OFS received responses from four qualified bidders; and

 

WHEREAS, after reviewing all responses, the City Treasurer and Debt Manger recommend accepting the proposal from Wells Fargo Securities , LLC for up to $1,950,500 for a three year capital lease for purchase of approximately 46 police cars and 3 fire vehicles which will close on May 2, 2011; and

 

WHEREAS, on April 20, 2011, the Council of the City of Saint Paul considered this Res 11-755 authorizing the execution and delivery of a 2011 capital lease agreement for three years after considering related documents and other matters in connection therewith; and

 

WHEREAS, the above mentioned proposal provides for a three year lease in a principal amount of $1,950,500 at an all interest rate of 1.85% which will finance approximately 46 police cars and 3 fire vehicles; and

 

WHEREAS, the funds for the financing and spending  for the 2011 capital lease was previously budgeted as well  as the transfer from Star Fund 930 Public Safely Capital Program to Fund 967 for the 2011 debt service payment; and

 

WHEREAS, the attached budget amendment authorizes the Nov 1, 2011 debt service payment from Fund 967 for $333,944; and

 

WHEREAS, the City Council held a public hearing on this budget amendment on April 20, 2011; and

 

WHEREAS, the Mayor, pursuant to Section 10.07.1 of the City Charter, does certify that there are funds of $333,944 available for appropriation and these funds are in excess of those estimated for the 2011 Budget; and

 

WHEREAS, the Mayor recommends accepting the proposal from Wells Fargo Securities, LLC and making corresponding changes to the 2011 Budget as described in the attached budget amendment; now therefore be it

 

RESOLVED, that the City Council approves the recommendation of the Mayor and the changes to the 2011 Budget.

 

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