DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Authorizing the Execution of the 2017 Master Tax-Exempt Lease Purchase Agreement for Fire Equipment
SUMMARY:
A. This Ordinance approves the Master Tax-Exempt Lease Purchase Agreement for Fire 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 Fire Equipment in the amount of $3,714,473 for the acquisition of bunker gear and direct capture filtration systems for the Fire Department.
B. This Resolution authorizes the reimbursement of funds previously expended from the proceeds of the 2017 Master Tax-Exempt Lease Purchase Agreement for Fire Equipment entered into between the City of San Antonio and Banc of America Public Capital Corp.
BACKGROUND INFORMATION:
On September 5, 2017, the City released a Request for Bid ("RFB") for a Tax-Exempt Equipment Lease/Purchase Financing Agreement for Fire 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-five (35) firms on September 5, 2017. On September 25, 2017, seven (7) firms submitted bids. The results were as follows:
Firm
Bunker Gear and Direct Capture Filtration Systems
7-Year Rate
Banc of America Public Capital Corp
1.820%
City National Capital Finance, Inc
1.970%
JP Morgan Chase Bank
2.018%
US Bancorp Goverment Leasing & Financing Inc
2.050%
Signature Public Funding Corp
2.120%
Pinnacle Public Finance Inc
2.210%
BB&T
2.470%
The City contacted Banc of America Public Capital Corp for the contract negotiation process because it was det...
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