File #: 240926    Version: 1 Name:
Type: Ordinance Status: Referred
File created: 10/9/2024 In control: Finance, Governance and Public Safety Committee
On agenda: 10/29/2024 Final action:
Title: Sponsor: Director of the Finance Department Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp. ("BAPCC") to finance the acquisition of twelve ambulances and equipment for the Fire Department (Project); estimating revenue and appropriating $5,003,940.00 in Fund No. 3230, the Equipment Lease Capital Acquisition Fund; authorizing the execution of any and all documents and agreements necessary for the financing; authorizing the Director of Finance to close project accounts upon completion; approving lease counsel; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.
Sponsors: Director of Finance
Attachments: 1. Accounting Form, 2. Docket Memo - Ambulances Final
ORDINANCE NO. 240926

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Sponsor: Director of the Finance Department

Authorizing the Director of Finance to accept a proposal of Banc of America Public Capital Corp. ("BAPCC") to finance the acquisition of twelve ambulances and equipment for the Fire Department (Project); estimating revenue and appropriating $5,003,940.00 in Fund No. 3230, the Equipment Lease Capital Acquisition Fund; authorizing the execution of any and all documents and agreements necessary for the financing; authorizing the Director of Finance to close project accounts upon completion; approving lease counsel; declaring the intent of the City to reimburse itself from the lease purchase proceeds for certain expenditures; and recognizing this ordinance as having an accelerated effective date.

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WHEREAS, on June 2, 2020, the voters approved a one quarter cent (1/4 cent) increase in the Fire Sales Tax, raising the tax from one-quarter cent (1/4 cent) to one-half cent (1/2 cent) for the purpose of meeting the capital needs of the Fire Department and the Fire Department has determined that the replacement of the current fleet of ambulances is of high priority; and

WHEREAS, the Fire Department plans on replacing twelve ambulances in its current fleet on an annual basis, thus establishing a fleet lifecycle of sixty ambulances over five years. The first twelve ambulances replaced were those with the highest mileage and that contained the most outdated equipment; and

WHEREAS, the City financed the purchase of twelve ambulances pursuant to Ordinance No. 200499 passed by City Council on July 9, 2020, the purchase of twelve ambulances pursuant to Ordinance No. 210534 passed by City Council on June 24, 2021, the purchase of twelve ambulances pursuant to Ordinance No. 220727 passed by City Council on August 25, 2022 and the purchase of thirteen ambulances pursuant to Ordinance No. 230804 passed by City Council on September 28, 2023; and

WHEREAS, the City desires to execute...

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