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Board approves resolution authorizing master equipment lease-purchase for fleet via Indiana Bond Bank
Summary
Franklin's Board of Public Works and Safety approved Resolution 25-05 to authorize execution and delivery of a master equipment lease-purchase agreement for fleet vehicles financed through the Indiana Bond Bank, with a noted rate of 4.85 percent.
The Board of Public Works and Safety approved Resolution 25-05 on May 5 authorizing the execution and delivery of a master equipment lease-purchase agreement to finance fleet vehicles through the Indiana Bond Bank.
City Attorney Lynn Gray summarized the package of required documents, which includes the lease agreement, an escrow agreement, and a legal opinion that the city has authority to enter the lease. Gray said the financing uses the Indiana Bond Bank and that the quoted interest rate is 4.85 percent. “All the documents are are ready for your approval,” Gray told the board.
Gray also noted that the resolution requires the signatures of the entire Board, while the lease itself is to be signed by the mayor on behalf of the city. Gray and Street Commissioner and Fleet Manager Brett Jones said the vehicles qualify under the QPA procurement method and that the bond bank process helps secure the best available rate.
The board voted to approve the resolution by voice vote.
Staff said a copy of the mayor's driver's license will be provided to the bank as part of the identity verification process; Gray and others declined to provide their own licenses.
