Body
Department of Finance
Reference:
To: Mayor Richard N. McLean and Members of City Council
Through: Philip Rodriguez, City Manager
Prepared By: Jean Starr, Finance Director
Date Prepared: October 10, 2017
PURPOSE
To present the First Reading of the Ordinance for financing the acquisition of heavy equipment.
BACKGROUND
Finance posted an RFP for proposals from financial institutions to provide tax-exempt lease purchase financing for 6 Freightliner dump trucks with complete snow plow packages installed. The financing will be a tax-exempt obligation that is subject to annual appropriation. Responses were due back October 4, 2017.
Deb Hinsvark, Municipal Advisor from Ehlers, Inc. prepared an evaluation matrix of the 7 qualified proposals received on the RFP for tax-exempt financing.
STAFF RECOMMENDATION
Adopt the Ordinance for tax-exempt financing, which has been competitively bid and evaluated by the City municipal financial advisor.
OPTIONS FOR COUNCIL CONSIDERATION
Approve, Amend, or Deny
ATTACHMENTS
Resolution