Ord. No. 12-95-1585ORDINANCE NO.12-95-1585
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
SOUTH MIAMI,FLORIDA AUTHORIZING THE CITY MANAGER TO EXECUTE
A FOUR-YEAR MASTER GOVERNMENTAL EQUIPMENT LEASE AGREEMENT WITH
BARNETT BANK,WITH A RENEWAL OPTION FOR AN ADDITIONAL YEAR AT
EXPIRATION OF THE BASE TERM,IN AN AMOUNT NOT TO EXCEED
$275,000 FOR PURCHASE OF COMPUTER EQUIPMENT FOR THE FINANCE
AND BUILDING AND ZONING DEPARTMENTS.
WHEREAS,Article IV,Section 4D of the City Charter of South Miami
prohibits execution of any contract involving the payment of money
out of the appropriations of more than one year beyond a4 year
period,nor shall any such contract be valid unless made or
approved by ordinance?and
WHEREAS,after careful review of proposals received on acquisition
of computer network equipment for the Finance and Building &Zoning
Departments,the City Manager has awarded the bid to International
Development Advisory Services (IDAS)and has concluded that itis
financially prudent to secure the funds to acquire the equipment
through a four (4)year master governmental equipment lease
purchase plan with a renewal option for an additional year;and
WHEREAS,it has been determined that the cost of the equipment
willbeinanamountnotexceeding $275,000?and
WHEREAS,the City administration has received proposals from three
<3)different companies for the lease purchase plan?and
WHEREAS,the best repayment plan,in terms of monthly payment
schedule,is offered by Barnett Leasing;and
WHEREAS,in order to qualify the agreement as a tax-exempt
transaction,this ordinance is required to state that the City of
South Miami does not reasonably expect to issue qualified tax-
exempt obligations in excess of $10,000,000inthe present calendar
year.
NOW,THEREFORE,BEITORDAINEDBYTHEMAYORANDCITYCOMMISSIONOF
THE CITY OF SOUTH MIAMI,FLORIDA:
Section 1.ThattheCityManagerisauthorizedtoexecutea
four (4)year lease purchase agreement with a renewal option for
an additional year with Barnett Leasing Company.
Ordinance No.12-95-1585
Section 2.If any section,clause,sentence,or phrase of this
ordinance isforany reason held invalid or unconstitutional by a
court of competent jurisdiction,the holding shall not"affect the
validity oftheremaining portions ofthis ordinance.
Section 3.
its passage
This ordinance shall take effect immediately upon
PASSED AND ADOPTED this
ATTEST:
CITY CLERK
READ AND APPROVED AS TO FORM
/G.G^.M~+
CITY ATTORNEY
5th dayof September 1995
APPROVED:
MAYOR
MAYOR CARVER
VICE MAYOR YOUNG
GQM'MISSlOfrZR BASS
COMMISSIONER COOPER
COMMISSIONER CUNNINGHAM YEA
'•'!,''.<;.\v f'p.V.-j?!*~"'i*»
To:
CITY OF SOUTH MIAMI
INTER-OFFICE MEMORANDUM
Mayor &City Commission Date:August 11,1995
'isom:Ssddie Cox
City Manager
Agenda Item #
Re:Comm.Meeting 8/15/95
Equipment Lease Agreement
With Barnett Bank
#
In order to acquire the computer equipment authorized for purchase,
the administration has requested bids for a lease purchase plan to
pay for the equipment over a period of time.
This ordinance provides authorization to the City Manager to
execute a four-year Master Governmental Equipment Lease Agreement
with Barnett Bank with a renewal option for an additional year at
the expiration of the base term.This agreement will allow for the
purchase of our computer equipment for the Finance and Building and
Zoning Departments.The agreement will be in the amount of
$275,000,and will be payable monthly.
Barnett Bank provided the best repayment plan in terms ofa monthly
payment schedule.
I recommend approval.
a\Eqlease.agr