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AGENDA ITEM <br /> <br />Prepared By: RJO Reviewed By: NJD Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of the action item is to approve Resolution 7427 to enter into a bank qualified <br />lease agreement for the purchase of a rescue pumper. <br /> <br />2. Background. On August 28th the Council approved the purchase of the 2017 Rosenbauer fire <br />vehicle. Then on September 11th the Council approved entering into a lease agreement with Huntington <br />Bank to finance the vehicle. The resolution being passed tonight is required by Huntington Public Capital <br />Corporation to finalize the lease agreement. <br /> <br />3. Cost. The amount being financed is $484,900. <br /> <br />4. Funding. Funding will be from the Fire Capital Fund. The fund balance at the end of 2024 is <br />estimated to be $178,500. <br /> <br />5. Staff Recommendation. Staff recommends that Council approves Resolution 7427. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to approve Resolution 7427, A Resolution and Declaration of Official Intent to Enter into a Bank <br />Qualified Lease Agreement for the Purchase of a Rescue Pumper. <br /> <br />Exhibits: <br />A. Resolution <br />Item No.: 4 Date: November 13, 2023 <br />Item Description: Capital Lease Approval – Resolution 7427 <br />Presenter: Ronald John Olson <br />Finance Director <br />Agenda <br />Section: <br />Consent Agenda