DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Authorizing the Execution of the 2016 Master Tax-Exempt Lease Purchase Agreement for Solid Waste Equipment
SUMMARY:
A. This Ordinance approves the Master Tax-Exempt Lease Purchase Agreement for Solid Waste Equipment with Banc of America Public Capital Corp and an Escrow and Account Control Agreement with Banc of America Public Capital Corp and Frost Bank, approves Exhibits and related Schedules to the Master Tax-Exempt Lease Purchase Agreement for Solid Waste Equipment in the amount of $24,030,918 for the acquisition of collection trucks and toters for the Solid Waste Management Department.
B. This Resolution authorizes the reimbursement of funds previously expended from the proceeds of the 2016 Master Tax-Exempt Lease Purchase Agreement for Solid Waste Equipment entered into between the City of San Antonio and Banc of America Public Capital Corp.
BACKGROUND INFORMATION:
On December 13, 2015, the City released a Request for Bid ("RFB") for a Tax-Exempt Equipment Lease/Purchase Financing Agreement for Solid Waste Equipment (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 December 13, 2015. On January 15, 2016, eight (8) firms submitted bids. The results were as follows:
Firm
Toter
3-Year Rate
Banc of America Public Capital Corp
1.090%
Regions Bank
1.120%
JP Morgan Chase Bank
1.270%
Santander Melville
1.360%
US Bancorp Government Leasing
1.360%
Frost Bank
1.454%
Pinnacle Public Finance
1.630%
PNC Bank
1.650%
Firm
Truck
5-Year Rate
Banc of America Public Capital Corp
1.290%
Regions Bank
1.430%
JP Morgan Chase Bank
1.460%
Santander ...
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