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AI- 3509   9. B. 2.    
BOC Regular
Meeting Date: 03/18/2021  
CCRD 2021 Grader Financing Resolution
FROM: Megan Banning, Finance
Department: Finance  

Information
RESOLUTION:
The Calhoun County Board of Commissioners does hereby approve the attached Resolution and Declaration of Official Intent, as presented, to acquire one (1) Caterpillar Motor Grader for $310,699.35, and authorizes the Administrator/Controller to act as the County's Authorized Representative of the Purchaser, and sign one or more installment-purchase agreements necessary to complete the transaction.
RECOMMENDATION:
The Finance Department recommends approval of the above resolution as the final step towards the grader lease for 2021 that was approved through the 2021 CIP budgeting process and 2021 budget approval.
BACKGROUND:
The County Board of Commission has already authorized the purchase of the grader through the 2021 CIP budgeting process and the 2021 approved budget. This resolution facilitates the financing of this acquisition over a period of five (5) 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 to maintain that tax exempt status.
ALTERNATIVES:
The Board could choose not to approve this resolution which would result in the CCRD not being able to purchase the approved grader for the 2021 budget year.
SUMMARY:
Approval of the Resolution provides for the purchase of  a grader already approved in the 2021 CCRD CIP budget, and provides for the leasing of that grader over a 5 year term.

Fiscal Impact
BUDGETARY IMPACT:
The grader purchase was included in the already approved 2021 CCRD budget,
Attachments
Grader Resolution

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