HomeMy WebLinkAbout2003-205
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RESOLUTION NO. 2003-205
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AUTHORIZING A LEASE-PURCHASE AGREEMENT
WITH SUN TRUST LEASING TO REFINANCE THE EXISTING LEASE-PURCHASE
AGREEMENTS WITH BANC ONE, GE CAPITAL, AND COMERICA LEASING FOR
ALL OUTSTANDING FIRE APPARATUS LEASES AND REFUSE TRUCK LEASES.
WHEREAS the City of San Bernardino has approximately 15 leases which have been
entered into in the past five (5) years.
WHEREAS the interest rate environment has drarnatically improved since these leases
were originally executed.
WHEREAS refinancing of these leases will reduce the City's debt service obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. That the City of San Bernardino has existing lease-purchase agreements
with Banc One, GE Capital, and Comerica Leasing for fire apparatus, and refuse trucks. That
the City issued Rate Quote Q 03-019 for Refinancing of the City's Existing Lease Purchase
Portfolio. Entering into a refinancing of these leases will reduce the City's Debt service for the
remaining term of the leases.
SECTION 2. That Sun Trust Leasing, pursuant to their response to Q 03-019, be
awarded a refinance of the leases for all outstanding Fire Apparatus Leases, and leases for 28
Side Loading, 2 Roll Off and 6 Front Loader Refuse Trucks.
SECTION 3. That the Mayor and Cornrnon Council authorize the Purchasing Manager
to enter into a lease purchase agreement with Sun Trust Leasing, pursuant to the master lease
agreement with Sun Trust, Resolution 2002-148, for the administration of transactions to
refinance all outstanding Fire Apparatus leases, and leases for 28 Side Loading, 2 Roll Off and
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27 6 Front Loader Refuse Trucks.
28 SECTION 4. The authorization to execute the above referenced is rescinded if it is not
issued within sixty (60) days of the passage ofthis resolution.
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RESOLUTION NO. 2003-205
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AUTHORIZING A LEASE-PURCHASE AGREEMENT
WITH SUN TRUST LEASING TO REFINANCE THE EXISTING LEASE-PURCHASE
AGREEMENTS WITH BANC ONE, GE CAPITAL, AND COMERICA LEASING FOR
ALL OUTSTANDING FIRE APPARATUS LEASES AND REFUSE TRUCK LEASES.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor
and Cornrnon Council of the City of San Bernardino at a j t. regular rneeting thereof, held
July
on the 21st day of
,2003, by the following vote, to wit:
Council Mernbers:
AYES
NAYS
ABSTAIN ABSENT
ESTRADA
x
LONGVILLE
x
MC GINNIS
x
DERRY
---L
x
SUAREZ
ANDERSON
x
MC CAMMACK
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R.ov~IuJJi.. ClJIJll-J
b" (jRachel G. lark, City Clerk~""
.)<J \ r.UYJ (V) ~{,.I
The foregoing resolution is hereby ~roved is 4,.. day of July ~
,~
2003.
25 Approved as to
Form and legal content:
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Gordon McGinnis, lVlayor Pro Tem
City of San Bernardino
JAMES F, PENMAN,
City Attorney
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By:L j.(~
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