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Meeting Date:	01/24/2022
Government Capital Finance for Heavy Equipment - 3 Refuse Trucks
Submitted for:	Joe Lopez	Submitted By:	Joe Lopez
Department:	Purchasing

Subject:

Discussion and possible action to approve an Order and Resolution for the purpose of authorizing a public property finance contract issued under the Local Government Code Section 271.005 (Authority to Contract for Personal Property) between Government Capital Corporation and Webb County for the purpose of financing three (3) Automated Side Load Refuse Trucks for the Road and Bridge Department with a proposed financing term of Five (5) annual payments of $203,792.88 at an interest rate of 2.888%, with first annual payment due 12 months after signing; and to further authorize the Civil/Legal Department to finalize all related legal documents with final authorization from the County Judge and any other matters incident thereto. [Debt Service Account & Road & Bridge Capital Outlay Account]

Issue: There is currently no funding in the Road and Bridge 2021-2022 FYE budget for the purchase of this heavy equipment.

Solution: Approve the recommended financing option being provided by Government Capital Corporation for the three (3) refuse trucks for the Road and Bridge Department. Funding option includes a 5-year term with first payment due 12 months after signing and annually thereafter.

Result: Once the finance agreement is executed, it will take 3-5 business days to receive the wired funds that will be allocated to the Road and Bridge Capital outlay account and recorded under long term debt service. Once funds are allocated to the general fund account, the Purchasing Agent will authorize the order through an official purchase order. Estimated time of delivery is 12 months.

Background:

N/A

Previous Court Action:

Fiscal Impact

Budget Account Number:	TBD
Funding Source:	TBD
Balance:	TBD
Financial Impact:
To be determined.

Attachments
Resolution
Webb County Heavy Equipment