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Committee moves fleet lease-purchase financing up to study session; staff seeks up to $10M authorization
Summary
Treasury supervisor Andrew Jamieson asked the committee to move an ordinance authorizing lease-purchase financing for heavy fleet vehicles to study session; staff sought authority for up to $10 million principal, maximum interest 5.5% and terms not to exceed 60 months, and the committee agreed to advance it.
Andrew Jamieson, treasury supervisor in the city treasurer's office, presented an ordinance authorizing lease-purchase financing to acquire heavy fleet vehicles including two aerial ladder trucks and pumper engines. Jamieson told the committee the city was seeking a maximum principal amount of up to $10,000,000, a maximum interest rate of 5.5%, and a term not to exceed 60 months. "We are asking for your approval to move this forward to study session today," Jamieson said.
Committee members indicated they were comfortable moving the ordinance to study session. Council Member Bergen said she was "good moving it forward" and the chair concurred; staff will bring the ordinance language and financing details to a future study session for further consideration.
