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RESOLUTION NO.2015-018 <br /> A RESOLUTION TO APPROVE THE THREE (3) YEAR <br /> LEASE/PURCHASE AGREEMENT #9909001665-00003 WITH BRANCH <br /> BANKING AND TRUST COMPANY (BB&T) FOR THE FINANCING OF <br /> NEW POLICE VEHICLES FOR$466,762.50 AT AN ANNUAL INTEREST <br /> RATE OF 1.36%. <br /> WHEREAS, The City of Ocoee, Florida ("City") has previously determined to undertake <br /> a project for the Lease Purchase Financing of (15) Police Vehicles, and the City Manager has <br /> 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 November 2, 2015. The <br /> amount financed shall not exceed $466,762.50 the annual interest rate (in the absence of default or <br /> change in tax status) shall not exceed 1.36%, and the financing term shall not exceed three(3)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 Financing Agreement and a <br /> Project Fund Agreement as BB&T may request. <br />