Commissioners Court Meeting

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Meeting Date:	06/13/2022
Property Finance Contract with GCC
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 Local Government Code Section 271.005 (Authority to Contract for Personal Property) between Government Capital Corporation (GCC) and Webb County for the purpose of financing law enforcement police equipment and Heavy Equipment with the proposed finance terms listed below and authorizing the Civil/Legal Division to prepare and finalize all related documents with final authorization from the County Judge on the selected finance option(s) and any other matters incident thereto.

Issuer: Webb County, Texas
Financing Structure: Public Property Finance Contract issued under local Government Code Section 271.005

Equipment Cost	$878,359.78 Police Equipment

Annual Term:
Interest Rate:
Payment Amount:

5 Payments
3.813%
$196,266.07

7 Payments
3.89%
$145,748.86

Payments Beginning:

One year from signing, annually thereafter

Equipment Cost:	$827,337.20 Heavy Equipment

Annual Term:
Interest Rate:
Payment Amount:

7 Payments
3.89%
$137,282.53

10 Payments
4.058%
$102,297.91

Payments Beginning:

One year from signing, annually thereafter

Issue: Commissioners Court authorized County staff to secure a finance proposal in order to purchase the necessary law enforcement equipment for new leased police vehicles and heavy equipment for both the Road and Bridge and the Water Utilities Department.

Solution: Approve the recommended financing option(s) being provided by Government Capital Corporation in order to secure the funding necessary to purchase the requested equipment.

Result: Proceed with the execution of the public property finance contract and authorize the Purchase Agent to order equipment immediately after funding is transferred to Webb County by GCC contingent upon approval of this item and a fully executed contract between Webb County and GCC.

Background:

N/A

Previous Court Action:

Fiscal Impact

Budget Account Number:	N/A
Funding Source:	N/A
Balance:	N/A
Financial Impact:
N/A

Attachments
Signing Instruction Sheet
Docs#9973
Docs#9974
Law Enforcement Equipment breakdown
Webb Co. PD-SO Hvy. Eqpt.