For City Council Meeting [April 27, 2021]
TO: Honorable Mayor and City Council
APPROVAL: Sean Grayson, Acting City Manager
FROM: Brian Park, Interim Fire Chief
Title
Request City Council to Amend Resolution No. 7706 as Resolution No. 7726 to Include Two Non-Substantive Amendments Related to the Previously Approved Financing of Two Type 1 Fire Engines with PNC Equipment Finance, LLC.
Body
BACKGROUND
On March 23, 2021 Council Approved Resolution No.7706 A Resolution of the City Council of the City of Rialto, California entering a lease purchase agreement between PNC Equipment Finance, LLC and City of Rialto, California (Lessee) for the lease purchase of two type 1 structural engines.
The Resolution was approved under New Business Tab 3 of the March 23, 2021 agenda. After approval PNC Equipment Finance, LLC identified a typographical error in their name in the title of the resolution and requested an amount of not to exceed be added to recital 3 of the resolution matching the approved not to exceed amount from the City Council in order to meet their requirements for the lease.
ANALYSIS/DISCUSSION
It has been requested the item return to Council to amend the resolution. The City Council is requested to amend the resolution changing "PCN" to "PNC" in the Tile of the Resolution and changing recital 3) "WHEREAS, the Governing Body hereby finds and determines that the execution of one or more Master Lease-Purchase Agreements ("Leases") in the principal amount not exceeding the amount stated above for the purpose of acquiring the property ("Equipment") to be described in the Leases is appropriate and necessary to the functions and operations of the Municipality," to "WHEREAS, the Governing Body hereby finds and determines that the execution of one or more Master Lease-Purchase Agreements ("Leases") in the principal amount not exceeding $1,663,117.04 for the purpose of acquiring the property ("Equipment") to be described in the Leases is appropriate and necess...
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