I. Council Action Requested.
Title
To authorize the Town Treasurer to negotiate the terms of an Equipment Lease Purchase Agreement and related documents providing financing of an estimated $837,000.000 plus interest, equipment cost inflation, 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 they deem to be in the best interests of the Town in order to provide the Town with the following budgeted items; 1) Fire Dept. Car 3, 2) Ambulance # 1, 3) Fire Dept. Unit 8 Pickup, 4) Dump Truck #3, 5) Firewall Switch Replacement, 6) Fire Dept. ATV and equipment, 7) Public Works Pickup #82, 8) Public Works Pickup #98, 9) Police Crime Scene Crash Reconstruction Truck, 10) CPR Compression Units and 11) Animal Control Officer Truck.
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 (2020), as amended.
III. Issue Summary.