Broken Arrow City Council
Meeting of: 12-5-17
To: Mayor and City Council
From: Fire Department
Title:
title
Consideration, discussion, and possible approval of and authorization to execute Resolution No. 1065, a Resolution approving and authorizing execution of a Capital Lease Agreement between the City of Broken Arrow and Bank of Oklahoma Financial Equipment Finance, Inc. for the acquisition of three ambulances; and approving and authorizing the execution of certain documents related thereto, including but not limited to a Schedule of Payments, an Amortization Schedule, an Acceptance Certificate, No Arbitrage Certificate, a Lessee's Counsel Opinion, a Certificate of Resolution, a Certificate of Appropriation, and Incumbency Certificate, a Pay Proceeds Certification, and a Notification of Tax Exempt Status
End
Background:
On July 18, 2017, the City Council, pursuant to a competitive bidding process completed in compliance with state and local laws, approved the purchase of (3) three new ambulances from Professional Ambulances, City Staff was authorized to investigate financing options that would benefit the City of Broken Arrow by amortizing a portion of the costs. Staff issued a Request for Proposals ("RFP") to numerous financial institutions and received a total of (7) seven proposals in response.
The overall project cost to purchase and equip three (3) new ambulances is approximately $933,623.00. The Fire department has budgeted in the Fire Sales Tax Fund the amount of $225,000.00 in fiscal year 2018 which will be applied to the project. The remaining balance of $730,000.00 will be secured from the successful financial institution from the RFP process. Repayment will be accomplished through annual payments for a term of (4) years through a capital fund account, but will be subject to annual appropriation.
A thorough review of all proposals was performed by both the Fire Department and...
Click here for full text