The City has purchased and plans to purchase equipment that it plans to be reimbursed by tax-exempt financing. Before tax-exempt financing is approved, the City is required to publicly declare its intent to do so. 

This is not approving a lease agreement but only approving the intent to enter into one in the future. Any debt financing is required to be specifically approved by the governing body. 

The Fire Department purchased a new 100' Smeal Arial Platform for $1,270,562 in May 2020. The 2020-2021 City budget includes purchases of new data center, network, and certain cyber security equipment at an estimated cost of $5,000,000. Debt service payments are budgeted within the 2020-2021 budget. This Resolution declares the City's intent to finance with a tax-exempt lease. 

This is not approving a lease agreement but only approving the intent to enter into one in the future. Any debt financing is required to be specifically approved by the governing body. 

Once approved, staff will direct our Financial Advisors to request bids from qualified financial institutions. The best solution will be brought to City Council for their final decision.

The fiscal impact by fund and department are below. The initial payment in 2021 for the technology equipment is included in the General Fund technology department and then spread to each department thereafter based on number of computers. The fire equipment is budgeted in the Special Fire Sales tax fund.