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Committee backs master lease-purchase agreement with NCL Government Capital to streamline future equipment leases
Summary
Staff said establishing a master lease-purchase agreement with Lease Servicing Center Inc. (DBA NCL Government Capital) will allow equipment schedules to be added as the city leases vehicles and machinery; the committee approved forwarding the master agreement to council.
Bruce Martin, the city’s Public Works Director, told the committee the master lease-purchase agreement is required before the department can add leased equipment as equipment schedules and proceed with future equipment financing. "Prior to leasing equipment, establishment of the master lease purchase agreement is required," he said.
Martin described the agreement’s role in documenting acquisition terms, payments, insurance and maintenance responsibilities and said the Lease Servicing Center has been competitively bid through a cooperative contract. A committee member moved to approve the master agreement and forward it to council with a recommendation; the motion passed.
