Title
Approving a resolution on declaration of official intent to reimburse for financed equipment.
Summary
To provide for the equipment needs of our departments, certain pieces of equipment will be financed over 7 - 10 year terms at 3.8% - 3.85% interest rates. Short-term financing allows the city to strategically manage cash flow for financial sustainability providing limited General Fund revenues to meet the demands of our growing community. This resolution allows for the loan proceeds to reimburse for equipment purchases ordered or delivered prior to closing on the loan. Council action will be required to authorize the loan on a future agenda. The FY23 budget was adopted with these assumptions.
The following equipment will be financed:
Mini skid steer with attachments
Back hoe
Paver machine
Mini excavator
Vactor truck
Prior City Council Action
N/A
Deadline for City Council Action
January 10, 2023 to allow for reimbursement of equipment that has been ordered.
Funding Expected: Revenue __ Expenditure _x_ N/A __
Budgeted Item: Yes _x_ No __ N/A __
Amount: _$1,000,000 (approved credit limit)_______
1295 Form Required? Yes __ No __
Legal Review Required: N/A __ Required _x_ Date Completed: ___________
Supporting documents attached:
Reimbursement Resolution
Recommended Action
Approval of a resolution on declaration of official intent to reimburse for financed equipment.