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RESOLUTION NO. 2015-007 <br /> A RESOLUTION TO APPROVE THE FOUR (4) YEAR <br /> LEASE/PURCHASE AGREEMENT #9909001665 -00002 WITH BRANCH <br /> BANKING AND TRUST COMPANY (BB &T) FOR THE FINANCING OF <br /> NEW EQUIPMENT AND VEHICLES FOR $1,297,042.00 AT AN <br /> ANNUAL INTEREST RATE OF 1.34 %. <br /> WHEREAS, The City of Ocoee, Florida ( "City ") has previously determined to undertake <br /> a project for the Lease Purchase Financing of (2) Garbage Trucks, (1) Wildland Fire Apparatus, <br /> (1) Ambulance, (1) Fire Pumper, and (30) Airpacks, and the City Manager has now presented a <br /> 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 May 7, 2015. The amount <br /> financed shall not exceed $1,297,042.00 the annual interest rate (in the absence of default or change <br /> in tax status) shall not exceed 1.34 %, and the financing term shall not exceed four (4) years from <br /> 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 />