Minutes 12/12/2006 - Laserfiche WebLink

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December 12. 2006 Motion by Mr. Heretick, and seconded by Ms. Psi mas, to receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2006, and was adopted by the following vote: Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 06 - 568 - Adoption of a resolution of the Council of the City of Portsmouth, Virginia authorizing the extension and amendment of its Master Lease Agreement dated as of April 30, 2004 with Bank of America Public Capital Corporation. Vision Principles: Bold New Directions, A Robust and Prosperous Economy, and Thriving Neighborhood and a Sense of Community. Background: . On April 30, 2004, the City entered into a master lease agreement with Bank of America Leasing and Capital LLC for the purpose of funding various types of equipment. A Notice of Assignment was executed on October 16, 2006 from Bank of America Leasing and Capital LLC to Bank of America Public Capital Corp. . The current master lease agreement is in effect for the fiscal years 2004 through 2007, with an annual cap of $4.5 million and a 4-year cap of $18 million on capital leaselpurchase financing. . The current master lease agreement can be further amended by an additional $6 million for an additional 2 fiscal years for a potential capital leaselpurchase financing total of $24 million. Discussion: . The extension of the lease agreement would enable the City to continue leaselpurchase financing capital expenditures in fiscal years 2008 and 2009 at current annual financing levels. . The increased financing amounts for fiscal years 2008 and 2009 will enable the City to provide future funding at its historical capital spending requirements. . The increased financing amount for fiscal year 2007 will enable the City to provide funding at its current capital spending needs. Financial Impact: . Increasing the financing level to $4.5 million for fiscal years 2008 and 2009 will provide an additional $3 million in capitalleaselpurchase financing for the acquisition of equipment. . Increasing the financing level to $5 million for fiscal year 2007 will provide an additional $500,000 in capitalleaselpurchase financing for the acquisition of equipment. Staff Recommends: Adoption of proposed resolution. Vision Principles: Bold New Directions, A Robust and Prosperous Economy, and Thriving Neighborhood and a Sense of Community. Next Steps Following Council Action: . The CFO will ensure that the new Master Lease Agreement is fully executed. . The CFO will ensure that the new capital leaselpurchase financing levels are properly utilized. Motion by Mr. Heretick and seconded by Mr. R. Smith, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE EXTENSION AND AMENDMENT OF ITS MASTER LEASE AGREEMENT DATED AS OF APRIL 30,2004 WITH BANC OF AMERICA PUBLIC CAPITAL CORP.