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 201...
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