HomeMy WebLinkAboutR-19-0207City of Miami
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Legislation
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Resolution: R-19-0207
File Number: 5382
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 5/23/2019
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING, PURSUANT TO THE REQUEST FOR PROPOSALS THAT WAS
ISSUED APRIL 22, 2019 BY CITY OF MIAMI ("CITY") FINANCIAL ADVISOR
PUBLIC FINANCIAL MANAGEMENT, INC. ("PFM"), THE SELECTION OF THE
PROPOSAL SUBMITTED BY SANTANDER BANK FOR THE PROVISION OF
CAPITAL FINANCING IN A NOT TO EXCEED TOTAL AGGREGATE
PRINCIPAL AMOUNT OF THIRTY SIX MILLION DOLLARS ($36,000,000.00)
FOR THE LEASE/PURCHASE ACQUISITION OF APPROXIMATELY FIVE
HUNDRED FORTY (540) POLICE VEHICLES, GENERAL LIGHT FLEET
VEHICLES, GENERAL HEAVY FLEET VEHICLES, AND FIRE APPARATUS
VEHICLES AND FOR PAYMENT OF THE FINANCING COSTS OF THE SAME;
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A
FINANCING LEASE/PURCHASE AGREEMENT ("AGREEMENT") FOR SAID
VEHICLES, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AND ANY
AND ALL AMENDMENTS AND DOCUMENTS REQUIRED BY SAID
AGREEMENT, PROVIDED THAT THE TERMS ARE CONSISTENT AND IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY; FURTHER AUTHORIZING
THE CITY MANAGER TO TAKE ANY AND ALL ACTION NECESSARY TO
EFFECTUATE SAID LEASE/PURCHASE ACQUISITIONS, SUBJECT TO THE
AVAILABILITY OF FUNDS AND BUDGETARY APPROVAL AT THE TIME OF
NEED.
WHEREAS, on April 14, 2005, the Miami City Commission approved Resolution No. 05-
0215 for the accessing of the Florida Sheriffs Association ("FSA") contract ("Contract") for the
purchasing of vehicles, trucks, vans, and other equipment for the City of Miami ("City"); and
WHEREAS, the Contract is still available for the City to make piggyback purchases; and
WHEREAS, the City has an immediate need to finance and to acquire approximately
Five Hundred Forty (540) police vehicles, general light fleet vehicles, general heavy fleet
vehicles, and fire apparatus vehicles (collectively, "Vehicles") in the current fiscal year estimated
at a not -to -exceed total aggregate principal amount of Thirty Six Million Dollars
($36,000,000.00) to be repaid according to the respective useful lives of the vehicles at five (5),
seven (7), or ten (10) years; and
WHEREAS, on April 22, 2019, the City's Financial Advisor, Public Financial
Management, Inc. ("PFM"), issued a Request for Proposals ("RFP") solicitation process on
behalf of the City to the banking and financial industry consistent with the City's needs to obtain
a means of financing the lease acquisition the Vehicles in the current fiscal year from the FSA
Contract, with the lowest cost for funds based on the current market at the most favorable terms
possible for the resulting Financing Lease/Purchase Agreement ("Agreement"); and
City of Miami Page 1 of 2 File ID: 5382 (Revision:) Printed On: 6/4/2019
File ID: 5382 Enactment Number: R-19-0207
WHEREAS, PFM's RFP solicitation process resulted in seven (7) proposal responses
from various banking and financial institutions; and
WHEREAS, on May 13, 2019, after review and analysis by the City and PFM of the
proposals received, the City's Finance Committee unanimously approved a favorable
recommendation of the proposal received from Santander Bank ("Santander") for the vehicle
lease/purchase financing program and recommendation; and
WHEREAS, it is recommended that the proposal received from Santander be approved
by the City Commission, as this financial institution provided the most favorable terms and
overall conditions, with the differentiating factors presented in Santander's proposal including a
combination of the bank's lowest interest rates for the draw structure, lack of onerous and non-
standard provisions, and most generous pre -payment terms;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The selection of the proposal response to the PFM RFP submitted by
Santander for the provision of capital financing in a not to exceed total aggregate principal
amount of Thirty Six Million Dollars ($36,000,000.00) for the lease/purchase acquisition of the
Vehicles and for payment of the financing costs of the same is approved.
Section 3. The City Manager is authorized' to negotiate and execute the Agreement, in a
form acceptable to the City Attorney, and any and all amendments and documents required by
said Agreement, provided that the terms are consistent and in a form acceptable to the City
Attorney.
Section 4. The City Manager is further authorized' to take any and all actions necessary
to effectuate said lease/purchase acquisitions, subject to the availability of funds and budgetary
approval at the time of need.
Section 5. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.z
APPROVED AS TO FORM AND CORRECTNESS:
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i ria i nde�zCify Attor iey 5114/2019
1 The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including but not limited to, those prescribed by applicable City Charter and City Code
provisions.
If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File ID: 5382 (Revision:) Printed on: 61412019