Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Raeford council approves up to $420,000 financing for vehicles and equipment, authorizes surplus auction and ratifies FFCRA leave
Summary
At its July 9 meeting the Raeford City Council unanimously adopted several consent-agenda items, including Resolution #2020-05 (official intent to reimburse up to $420,000 for vehicles/equipment), Resolution #2020-06 (U.S. Bancorp financing terms), Resolution #2020-07 (declaring surplus and authorizing a GovDeals auction) and Resolution #2020-08 (ratifying the City’s FFCRA-related leave policy).
The Raeford City Council on July 9 unanimously adopted a package of consent-agenda measures that included financing approvals for new vehicles and equipment, authorization to sell surplus property online and formal ratification of the city’s COVID-era leave policy.
The council adopted Resolution #2020-05, described as the city’s “official intent” to reimburse capital expenditures with proceeds of future tax-exempt indebtedness or other debt, for an amount not currently expected to exceed $420,000. Exhibit A attached to the resolution lists planned purchases including four police patrol SUVs and accessory equipment ($232,300), three pickup trucks (combined amounts listed), a compact track loader ($57,600), a riding lawnmower ($6,100) and other attachments; vendors were to be determined through the regular bid process.
Finance Officer Scott Edwards presented the financing proposal, and the council later adopted Resolution #2020-06 to approve financing the project through U.S. Bancorp Governmental Leasing and Finance, Inc., with the amount not to exceed $420,000, an annual interest rate not to exceed 1.368% (absent default or a change in tax status) and a financing term not to exceed five years.
Separately, the council adopted Resolution #2020-07 declaring certain city-owned items surplus and authorizing their sale by electronic auction through GovDeals.com beginning no earlier than July 27, 2020, in accordance with North Carolina General Statute 160A-270 and the Raeford Code of Ordinances.
The council also ratified Resolution #2020-08, which affirms the City Manager’s April 3, 2020 FMLA expansion and Emergency Paid Sick Leave policy under the federal Families First Coronavirus Response Act (FFCRA). The resolution notes that the policy took effect April 3, 2020, applied from April 1 through Dec. 31, 2020, and may be updated based on U.S. Department of Labor guidance; the City Manager was directed to implement the policy.
All consent items and resolutions were approved by unanimous votes recorded at the meeting. Minutes, reappointments to the Community Development Committee and monthly departmental revenue and expenditure reports were also approved as part of the consent agenda.
What’s next: Financing documents will be prepared and executed by city officers consistent with the terms approved by the council, and staff will publish auction notices and proceed with the surplus sale process.
