DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-Wide
SUBJECT:
Authorizing the Execution of the 2015 Master Tax-Exempt Lease Purchase Agreement
SUMMARY:
A. This Ordinance approves the Master Tax-Exempt Lease Purchase Agreement with Santander Bank, N.A and an Escrow and Account Control Agreement with Santander Bank, N.A and Frost Bank, approves Exhibits and related Schedules to the Master Tax-Exempt Lease Purchase Agreement in the amount of $8,670,289 for the acquisition of collection trucks and toters for the Solid Waste Management Department, breathing equipment and cameras for the Fire Department, and notebook computers for the Police Department.
B. This Resolution authorizes the reimbursement of funds previously expended from the proceeds of the 2015 Master Tax-Exempt Lease Purchase Agreement entered into between the City of San Antonio and Santander Bank, N.A.
BACKGROUND INFORMATION:
On June 8, 2015, the City released a Request for Bid ("RFB") for a Tax-Exempt Equipment Lease/Purchase Financing Agreement (the "Lease"). The Lease was to be awarded to the firm that provided the lowest interest rate producing the lowest interest cost to the City over the life of the Lease and whose terms and conditions of the proposed Lease are most consistent with the City's objectives. The notification of the RFB was emailed to thirty-four (34) firms on June 8, 2015. On June 22, 2015, four (4) firms submitted bids. The results were as follows:
Firm
Toter and Notebooks
3-Year Rate
Santander Bank, N.A.
1.180%
US Bancorp Government Leasing and Finance, Inc.
1.183%
Pinnacle Public Finance
1.430%
JP Morgan Chase Bank, N.A.*
1.510%
Frost Bank
1.850%
JP Morgan Chase Bank, N.A.**
1.870%
* JP Morgan Chase Bank, N.A. bid for toters.
** JP Morgan Chase Bank, N.A. bid for notebook computers.
Firm
Trucks and Breathing Equipment and Cameras
5-Year Rate
Santander Bank, N.A.
1.49%
US Ban...
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