Laserfiche WebLink
RESOLUTION NO. 2014-001 <br />A RESOLUTION TO APPROVE THE FOIJR (4) YEAR <br />LEASE /PURCHASE AGREEMENT #9909001665 -00001 WITH BRANCH <br />BANKING AND TRUST COMPANY (BB &T) FOR THE FINANCING OF <br />NEW EQUIPMENT AND VEHICLES FOR $691,937.80 AT AN ANNUAL <br />INTEREST RATE OF 1.39 %. <br />WHEREAS, The City of Ocoee, Florida ( "City ") has previously determined to undertake <br />a project for the financing of (2) Garbage Trucks, (1) Tractor, (1) Asphalt Truck, and (1) Bus, <br />and the City Manager has now presented a proposal for the financing of such Project. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF OCOEE, FLORIDA, AS FOLLOWS: <br />SECTION 1. The City hereby determines to finance the Project through Branch Banking <br />and Trust Company ( "BB &T "), in accordance with the proposal dated January 13, 2014. The <br />amount financed shall not exceed $691,937.80 the annual interest rate (in the absence of default or <br />change in tax status) shall not exceed 1.39%, and the financing term shall not exceed four (4) years <br />from closing. <br />SECTION 2. All financing contracts and all related documents for the closing of the <br />financing (the "Financing Documents ") shall be consistent with the foregoing terms. Officers and <br />employees of the City as required in the lease documents are hereby authorized and directed to <br />execute and deliver any Financing Documents, and to take all such further action as they may <br />consider necessary or desirable, to carry out the financing of the Project as contemplated by the <br />proposal and this resolution. The Financing Documents shall include a Lease Agreement and <br />Project Fund Agreement. <br />