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03-14-2017 CC RPT 21
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03-14-2017 CC AGENDA
(Superseded by)
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\City Council Agendas\2010-2019\2017
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1� <br />CITY OF <br />V <br />RIERSIDE <br />City °[Arts &Innovation <br />TO: <br />FROM: <br />SUBJECT: <br />ISSUE: <br />City Council Memorandum <br />HONORABLE MAYOR AND CITY COUNCIL <br />FINANCE DEPARTMENT <br />DATE: MARCH 14, 2017 <br />WARDS: ALL <br />NEW CAPITAL LEASE FINANCING FOR COMPUTER SOFTWARE, <br />COMPUTER EQIPMENT, RADIOS, RELATED ANCILLIARY RADIO <br />EQUIPMENT AND HEAVY VEHICULAR EQUIPMENT FOR THE POLICE <br />DEPARTMENT, THE COMMUNITY AND ECONOMIC DEVELOPMENT <br />DEPARTMENT AND THE UTILITY DEPARTMENT IN THE AMOUNT UP TO <br />$10,500,000 <br />Approve a capital lease for the financing of 1) software, hardware, and installations costs fixtures <br />for the Community and Economic Development Department, 2) computers, radios, ancillary <br />radio equipment and records management software for the Police Department; and 3) heavy <br />water equipment for the Riverside Public Utilities Department in an amount up to $10,500,000. <br />RECOMMENDATIONS: <br />That the City Council: <br />1. Adopt a resolution approving a financing agreement with Banc of America Public Capital <br />Corp in the amount of up to $10,500,000, payable over an eight to ten year period at an <br />blended interest rate of 2.3452% and other related documents; and <br />2. Authorize the Mayor, City Manager, and /or the Chief Financial Officer, to execute all <br />documents necessary to complete the financing including making minor and non - <br />substantive changes. <br />BOARD RECOMMENDATION: <br />On December 12, 2016, the Board of Public Utilities, with 7 of the 8 board members present, <br />unanimously approved Riverside Public Utilities' participation in the 2016 City Lease Purchase <br />Bond Issuance for the purchase of Water Heavy Vehicles and Equipment in an estimated <br />amount of $2.3 million. <br />
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