RES 231413 - Laserfiche WebLink

RESOLUTION NO. 23-1413 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING PURCHASE OF AN ENFORCER 1500 GPM PUMPER TYPE 1 FIRE ENGINE, AUTHORIZING THE EXECUTION AND DELIVERY OF AN EQUIPMENT LEASE/PURCHASE AGREEMENT WITH JPMORGAN CHASE BANK, N.A., AND AUTHORIZING THE CITY MANAGER TO EXECUTE RELATED DOCUMENTS AND ACTIONS NECESSARY TO COMPLETE THE LEASE/PURCHASE FINANCING IN AN AMOUNT UP TO $1,389,166 WHEREAS, the City desires to purchase a Type 1 Fire Engine from Golden State Fire Apparatus, Inc. (GSFA) to replace an existing fire engine that is 12 years old; and WHEREAS, the City wishes to prepay for the fire engine through a lease/purchase arrangement with JPMorgan Chase Bank, N.A. to receive a pre-payment discount from GSFA; and WHEREAS, the City received a competitive lease/purchase proposal from JPMorgan Chase Bank, N.A. indicating a 4.305% per annum interest rate with a five-year term (semi-annual payments in arrears); and WHEREAS, there are sufficient funds in the FY 2023/24 budget to cover the first lease payment of$138,917, and future lease payments will be appropriated through budget adoption. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. Approves the purchase of an Enforcer 1500 GPM Pumper Type 1 Fire Engine from Golden State Fire Apparatus, Inc. in the amount of $1,237,932 which includes a 10 percent contingency. SECTION 2. Authorizes the execution and delivery of an equipment lease/purchase agreement with JPMorgan Chase Bank, N.A. SECTION 3. Authorizes the City Manager to execute related documents and actions necessary to complete the lease/purchase financing in an amount up to $1,389,166 including $1,237,932 in principal and $151,234 in interest. PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a special meeting held on September 5, 2023. {Vote and signatures to follow on next page}