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File #: RES 15-2088    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 12/2/2015
Title: Authorizing the execution and delivery of Property Schedules No. 7 and 8 to a Tax-exempt/Lease Purchase Agreement and related documents for the purchase of Public Safety Equipment, Public Works Equipment, and certain other capital equipment and determining other matters in connection therewith
Sponsors: Russ Stark
Attachments: 1. Exhibit A - Summary of 2015 Lease Purchases
Title

Authorizing the execution and delivery of Property Schedules No. 7 and 8 to a Tax-exempt/Lease Purchase Agreement and related documents for the purchase of Public Safety Equipment, Public Works Equipment, and certain other capital equipment and determining other matters in connection therewith

Body

                     WHEREAS, the City of Saint Paul, Minnesota (the “City”) entered into a capital Master Tax-Exempt/Lease Purchase Agreement, dated May 7, 2012 (the “Master Lease Purchase Agreement”), by and between the City and U.S. Bancorp Government Leasing and Finance, Inc. (the “Lessor”), where the City may enter into individual tax-exempt leases for the purchase and financing of various items of capital equipment; and

WHEREAS, at the same time as the City entered into the Master Lease Purchase Agreement, the City also entered into Property Schedule Nos. 1 and 2 to the Master Lease Purchase Agreement, which provided for the acquisition of certain capital equipment; and

WHEREAS, the City has also previously entered into Property Schedule Nos. 3, 4, 5 and 6 to the Master Lease Purchase Agreement, which provided for the acquisition of certain capital equipment; and

WHEREAS, the City now wishes to enter into Property Schedule Nos. 7 and 8 to the Master Lease Purchase Agreement (the “Supplements”) (collectively, with the Master Lease Agreement, the “Lease Purchase Agreement”), which provide for three and seven year leases in the aggregate principal amount not to exceed $3,255,000; and

WHEREAS, the interest rates on the Supplements are estimated to not to exceed the following: (i) 1.50% for the three year Supplement, and (ii) 2.10% for the seven year Supplement provided the Supplements are funded on or prior to December 31, 2015; and

WHEREAS, if the Supplements are funded after December 31, 2015, the Lessor has outlined the index that the rates will be based upon in the Lessor’s financing proposal; and

WHEREAS, the proceeds of the Supplement...

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