Pflugerville Banner
File #: RES-1074    Version: 1 Name:
Type: Resolution Status: Consent Agenda
File created: 1/12/2023 In control: Finance
On agenda: 1/24/2023 Final action: 1/24/2023
Title: Approving a resolution to accept a seven year financing term for equipment purchases not to exceed $500,000.
Attachments: 1. Resolution Final, 2. Pflugerville $500,000 Lease Purchase - Seven Years 1.17.2023

Title

Approving a resolution to accept a seven year financing term for equipment purchases not to exceed $500,000.

 

Summary

The FY23 budget includes assumptions to borrow funds for the purchase of a mini skid steer, back hoe, paver machine, and mini excavator.  In order to close the loan Council must approve the resolution authorizing the City to enter into a debt agreement.  The terms of the agreement are not-to-exceed $500,000, to be paid back within 7 years, at 3.85% interest.

 

Prior City Council Action

Reimbursement resolution approved January 10, 2023

 

Deadline for City Council Action

Approval requested January 24th to insure funding is received prior to delivery of equipment.

 

Funding Expected: Revenue __  Expenditure __  N/A _x_ 

Budgeted Item: Yes __ No __  N/A _x_                     

Amount: _$500,000_______ 

1295 Form Required? Yes _x_ No __                     

Legal Review Required: N/A __ Required _x_ Date Completed: ___________                                          

 

Supporting documents attached:

Resolution

Loan Terms

 

Recommended Action

Approve the resolution to accept financing terms for equipment purchases not to exceed $500,000.