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9. B. 4.
CCRD 2021 Plow Truck Financing Resolution
Megan Banning, Finance
The Calhoun County Board of Commissioners does hereby approve that attached Resolution and Declaration of Official Intent to acquire four (4) tandem axel plow trucks, and authorizes the Administrator/Controller to sign one or more installment-purchase agreements substantially similar to the form agreement identified in and attached to this Resolution.
The Finance Department recommends approval of the above resolution as the final step towards the plow leases for 2021 that were approved through the 2021 CIP budgeting process and 2021 budget approval.
The County Board of Commission has already authorized the purchase of these four trucks through the 2021 CIP budgeting process and the 2021 approved budget. This resolution facilitates the financing of this acquisition over a period of seven (7) years. It also authorizes the purchase financing to qualify as tax exempt and to limit the use of the proceeds of that financing to a capital expenditure, such as these trucks, to maintain that tax exempt status.
The Board could choose not to approve this resolution which would result in the CCRD not being able to purchase the 4 approved plow trucks for the 2021 budget year.
Approval of the Resolution provides for the purchase of 4 tandem axle plow trucks already approved in the 2021 CCRD CIP budget, and provides for the leasing of those trucks over a 7 year term.
The purchase is included in the approved 2021 CCRD CIP budget.
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