HomeMy WebLinkAboutResolution No 23-2018 - 2018 Vehicle and Equipment Lease FinancingRESOLUTION NO.23-2018
A RESOLUTION OF THE BOARD OF PUBLIC WORKS FOR THE CITY OF SOUTH
BEND, INDIANA APPROVING THE TAX-EXEMPT LEASE
PURCHASE FINANCING PROPOSAL OF
PNC EQUIPMENT FINANCE, LLC
WHEREAS, the City of South Bend Board of Public Works ("Board") for the City of South
Bend, Indiana ("City") has the authority under the laws of Indiana to purchase, acquire and lease
property; and
WHEREAS, the Board have determined that a need exists for the purchase and financing of
certain property for the benefit of the City's operation; and
WHEREAS, in order to acquire such property, the Board has entered into a certain Master
Equipment Lease -Purchase Agreement, dated May 15, 2012, along with all subsequent amendments
and schedules, with PNC Equipment Finance, LLC.; and
WHEREAS, the Board deems it for the benefit of the City and the efficient and effective
administration thereof to enter into Lease Schedules as provided in the Master Lease -Purchase
Agreement for the purchase, acquisition, financing and leasing of the property more specifically
described in the Proposal of PNC Equipment finance, LLC, dated April 30, 2018 (the "Proposal"),
attached and incorporated hereto at Exhibit A; and
WHEREAS, time is of the essence in this matter.
NOW, THEREFORE, BE IT RESOLVED by the City of South Bend Board of Public
Works as follows:
1. The terms of the Proposal by PNC Equipment finance, LLC, substantially in the
form and substance submitted as of this meeting, are hereby approved.
2. The Board hereby authorizes Jennifer Hockenhull, in her capacity as Controller of the
City of South Bend, Indiana, to act on behalf of the Board in formalizing the terms of
the financing described in the Proposal and executing any documents to effect such
financing.
This Resolution shall be in full force and effect after its adoption by the City of South
Bend Board of Public Works.
ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana
held on May 8, 2018, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601,
CITY OF SOUTH BEND,
BOARD OF PUBLIC WORKS
Gary Gilot, President
Elizabeth Maradik, Member
0 � lj --
Jam s Mueller, Member
Suzanna Fritzberg, Member
Therese Dorau, Member
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Marhn, Cle k
EXHIBIT A
BOARD OF PUBLIC WORKS
AGENDA ITEM REVIEW REQUEST FORM
Date May 2, 2018
Name Benjamin Dour �rt Department Admin & Finance
BPVV Date May 8, 2018 Phone Extension 7678
�� moire Prior tc� Submittal t� Board
Legal Attorney Name
Controller review is required for all Contracts $5,000.00 or more
Controller Z and greater than one year in length per the City Purchasing
Policy
Purchasing n
LJ Agreement
F] Professional Services
n Bid Opening
❑ Quote Opening
Chg Order No.
El Ease./Encroach.
F] Other: Equipment Lease
Financina
Company or Vendor Name
New Vendor
a I a -a My Q 0 110013T, ITI M
Project Name
Project Number
Funding Source
Account No.
Amount
Terms of Contract
Purpose/Description
LJ Contract
F] Amendment
n Bid Award
F] Quote Award
E] C/O & PCA No
El Traffic Control
9 =0
El Req. to Advertise
F."Te R M- TZO M 1011
�El Title Sheet
El Yes ❑ If Yes, Approved by Purchasing
R No
E] MBE ❑Nos
Completed E-Verify Form Attached
2018 Vehicle and Equipment Lease Financing #1
None
N/A
N/A
N/A
Resolution authorizing City Controller to finalize and execute
documents in connection with lease financing for vehicles and
equipment in amount of $6,115,434.
Amount of H Increase
F-1 Decrease
Previous Amount
Current Percent of Change
New Amount
B3.
Total Percent of Change: %
Time Extension:
Dispersal After Approval
Copy Original
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