I. Council Action Requested.
Title
To adopt a resolution to authorize the Town Treasurer to negotiate the terms of an Equipment Lease Purchase Agreement and related documents providing financing of up to $191,535.00 including the interest rate, maturity, and other terms and conditions with whatever financial institution the Treasurer deems appropriate and to award the Equipment Lease Purchase Agreement to such financial institution as he deems to be in the best interests of the Town in order to provide the Town with one (1) 2018 plow truck with sanding gear, and eight (8) thermal imaging cameras at an aggregate cost of up to $191,535.00 plus interest at a rate to be determined by the Town Treasurer.
Body
II. Basis for Council Action.
Council approval of this item is required because;
a. The Council has the authority to enter into contracts as the legislative body of the Town pursuant to Article II, Section 3(1) of the Charter, and
b. The purchase involves lease-purchase financing, requiring Council approval in accordance with Section 5.4 of the Town of Windham Purchasing Policies (2009), as amended.
III. Issue Summary.
Please refer to the attached resolution to be adopted as a result of this order.
The Equipment Lease Purchase Agreement provides for financing of (1) 2018 plow truck and sanding gear for the Public Works Department as included in the approved capital equipment replacement plan and as approved by Council order 17-113 at the meeting of June 13, 2017.
This order and the Equipment Lease Purchase Agreement also includes financing for eight (8) thermal imaging cameras for the Fire & Rescue Department , as authorized in the approved capital equipment replacement plan.
The article language authorizing negotiation of the lease purchase was provided by the town’s bond counsel, Bonnie Martinolich, with Preti Flaherty to ensure compliance with IRS tax-exempt lease purchase rules.