HomeMy Public PortalAbout2012-24 Authorizing the purchase of seven police vehiclesRESOLUTION NO. 2012-24
A CAPITAL PROJECT AUTHORIZING RESOLUTION OF
THE VILLAGE COUNCIL OF THE VILLAGE OF KEY
BISCAYNE, FLORIDA AUTHORIZING AND PROVIDING
FOR THE VILLAGE TO PURCHASE EQUIPMENT, TO -WIT:
SEVEN (7) POLICE VEHICLES, EMERGENCY EQUIPMENT
AND INSTALLATION, GRAPHIC INSTALLATION AND
WINDOW TREATMENTS IN AN AMOUNT NOT
EXCEEDING $199,659.20, PLUS FINANCING COSTS;
SELECTING BANK PROPOSAL TO PROVIDE FINANCING;
AUTHORIZING THE VILLAGE MANAGER AND OTHERS
TO NEGOTIATE FINAL TERMS AND PREPARE AND
EXECUTE DOCUMENTS; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Village Council as the governing body of the Village of Key Biscayne (the
"Village") desires to obtain certain equipment described in Section 2 hereof (the "Equipment"); and
WHEREAS, the Equipment is essential for the Village to perform its governmental
functions; and
WHEREAS, the Village recently sought proposals through a competitive bidding process
for financing the cost of the Equipment; and
WHEREAS, after careful review of the competitive bids submitted, the Village wishes to
select the proposal (the "Proposal") by BB&T Governmental Financial or SunTrust Leasing
Corporation to provide lease -purchase financing for the Equipment; and
WHEREAS, the Village Council desires to lease purchase the Equipment for an amount
not exceeding $199,659.20 plus financing costs in substantial accordance with the terms of the
Proposal; and
WHEREAS, the Village Council authorizes the Village Manager to enter into a lease
purchase agreement in substantial accordance with the terms of the Proposal, subject to the approval
of the Village Attorney as to form and legal sufficiency; and
WHEREAS, the Village does not reasonably anticipate that it will issue,and it has not
budgeted the issuance of, tax-exempt obligations to be issued by it in the calendar year ending
December 31, 2012, which will exceed $10,000,000, including the obligations authorized herein;
and
WHEREAS, the Village Council finds that this Resolution is in the best interest and welfare
of the residents of the Village.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE VILLAGE COUNCIL
OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:
Section 1. Recitals Adopted. Each of the recitals stated above is hereby adopted,
confirmed and incorporated herein.
Section 2. Capital Project Authorizing Resolution. Pursuant to Village Charter
Section 3.07(b), this Resolution shall constitute a Capital Project Authorizing Resolution. The
Capital Project is the purchase of Police department equipment, to -wit: Seven (7) new vehicles,
emergency equipment and installation, graphic installation and window treatments, (the
"Equipment") at a projected cost of One -Hundred Ninety -Nine Dollars and Twenty Cents
($199,659.20) plus financing costs, with the actual cost not to exceed One -Hundred Ninety -Nine
Dollars and Twenty Cents ($199,659.20) plus financing costs.
Section 3. Selection of Bank. The Village Council hereby authorizes the manager to
enter into an agreement with first ranked bank (BB&T Leasing) at a rate of 1.60%. If the Village
and (BB&T Leasing) cannot negotiate a successful agreement, the Village Council hereby authorizes
the manager to enter into an agreement with the second ranked bank (Sun Trust Leasing Corporation)
at a rate of 1.76%.
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Section 4. Village Manager and Others Authorized. The Village Manager is hereby
authorized to negotiate with the first ranked Bank (and the second ranked Bank, if necessary) the
final terms of a lease -purchase agreement (the "Lease") consistent with the proposal stated herein.
The Village Attorney and Bond Counsel to the Village are hereby authorized to draft documents and
to do all other things necessary to accomplish the lease -purchase financing.
Section 5. Equipment Purchase Authorized: Execution of Documents. The
acquisition of the Equipment is hereby authorized. The Village Council hereby authorizes the Village
Manager to execute the Lease, once approved by the Village Attorney for legal sufficiency, for the
acquisition of the Equipment for a cost which is consistent with this Resolution and the Proposal.
The Village Manager is authorized to take all action and execute all other documents necessary to
implement this Resolution and the Lease, and is authorized to expend Village funds for the purchase
of the Equipment pursuant to the Lease and in accordance with Village budget appropriations. The
Village Clerk of the Village is authorized to affix the official seal of the Village to the Lease and
such other documents and attest the same.
The proper officers of the Village are, and each of them hereby is, authorized and directed
to execute and deliver any and all papers, instruments, opinions, certificates, affidavits and other
documents and to do or cause to be done any and all other acts and things necessary or proper for
carrying out this Resolution and the Lease, subject to the approval of the Village Attorney as to form
and legal sufficiency.
Section 6. Designation under Section 265(b)(3) of Internal Revenue Code. Pursuant
to Section 265(b) of the Internal Revenue Code of 1986, as amended (the "Code"), the Village
hereby specifically designates the Lease as a "qualified tax-exempt obligation" for purposes of
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Section 265(b)(3) of the Code.
Section 7. Effective Date. This Resolution shall be effective immediately upon adoption
hereof
AT
PASSED AND ADOPTED this 12th day of June, 2012.
eb)ti
ITA H. ALVAREZ, MMC, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCYL
VILLAGE ATTORNEY
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OR FRANKLIN H. CAPLAN