AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Raymond E. Graham, Chairman, Cedar Run District Supervisor

November 9, 2006

Staff Lead:

Department: 

Vivian McGettigan, Finance Director

Finance

 

Topic: 

A Resolution Providing for the Purchase of Environmental Services Equipment and Improvements Through Lease Purchase Financing for Fauquier County, Virginia, in the Maximum Amount of $1,490,000, Approving the Form of Lease Agreement Prepared in Connection Therewith and Authorizing the Execution and Delivery of the Same

 

Topic Description:

The Board of Supervisors has previously authorized the purchase of equipment at the landfill to implement the construction and demolition recycling program.   The equipment is being acquired through a number of solicitations to purchase equipment and to upgrade the existing recycling center.  The purchase of roll-off containers and a truck is also on the agenda for November 2006.  Some of the other items covered by this financing have previously been authorized for purchase and others remain to be procured. 

The Board is now requested to consider the attached resolution for the purchase of Environmental Services equipment and improvements through lease purchase financing with CitiMortgage, Inc. in the maximum principal amount of $1,490,000.   Provision for the reimbursement of expenses 60 days prior to the date of this resolution is included. The resolution and agreement have been reviewed by Bond Counsel and are attached.  The lowest interest rate is provided by CitiMortgage, Inc. and was competitively selected through Request for Proposal #20-07sm.

 

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

Lease agreement in the maximum principal amount of $1,490.000 with total interest payments of $151,061.17 based on a nominal interest rate of 3.850% for the purchase of equipment.   Expenditures incurred 60 days prior to the approval of the reimbursement resolution may be submitted for reimbursement from lease proceeds.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Fauquier County Environmental Services
Fauquier County Treasurerís Office
Fauquier County Finance Department 

Attachments

Lease Agreement

 

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