Consent 14.
Regular Board of Supervisors Meeting
Fleet & Heavy Fleet
- Meeting Date:
- 11/18/2014
- Title:
- Approve Capitol Lease Purchase Agreement
- Submitted By:
- Terry Hudson, Procurement
- Department:
- Procurement
Presentation:
Recommendation:
Document Signatures:
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
2
NAME
of PRESENTER:
of PRESENTER:
TITLE
of PRESENTER:
of PRESENTER:
Mandated Function?:
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Docket Number (If applicable):
Information
Agenda Item Text:
Approve a two year capitol lease purchase agreement with Banc of America Public Capital Corporation for the purchase of heavy and light fleet equipment in the estimated amount of $3.8 million.
Background:
The Procurement Department requested proposals from four financial institutions currently holding master lease third party financing contracts with the State of Arizona. Banc of America had the lowest interest rate at .94%, the County also has the option to pay off the obligation in eighteen months with no additional fees or penalties.
Department's Next Steps (if approved):
Execute lease agreement, issue purchase orders, inspect equipment upon arrival and make lease payments.
Impact of NOT Approving/Alternatives:
The impact of not approving would result in having to retain current equipment and vehicles that have reached their designated mileage resulting in a significant increase in maintenance and repair costs.
To BOS Staff: Document Disposition/Follow-Up:
Forward two copies of lease purchase agreement to the Procurement Department after Board signature.
Fiscal Impact
- Fiscal Year:
- One-time Fixed Costs? ($$$):
- Ongoing Costs? ($$$):
- County Match Required? ($$$):
- A-87 Overhead Amt? (Co. Cost Allocation $$$):
- Source of Funding?:
Fiscal Impact & Funding Sources (if known):
The Fleet Services Department has budgeted sufficiently for these purchases in the FY 14/15 and FY 15/16 budget.
Attachments
No file(s) attached.