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Home My WebLink About08328ORDINANCE NO. 8328 AN ORDINANCE ESTABLISHING CAPITAL PROJECT NO. CP1112, FIRE PUMPER PURCHASE, AND BUDGETING AND APPROPRIATING FUNDS IN THE AMOUNT OF $363,504 THEREFOR WHEREAS, a Master Lease Agreement between the City of Pueblo, a Municipal Corporation, and Suntrust Leasing for the purchase of a triple combination fire pumper truck was approved on January 24, 2011; and WHEREAS, proceeds from the Lease Agreement in the amount of $363,504 have been provided for the purchase of the fire pumper truck upon the execution of the Agreement; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Capital Improvement Project No. CP1112, Fire Pumper Purchase, is hereby established. SECTION 2. Funds in the amount of $363,504 are hereby budgeted and appropriated to the 2011 Capital Budget. INTRODUCED: March 28, 2011 BY: Leroy Garcia COUNCILPERSON PASSED AND APPROVED: April 11, 2011 Background Paper for Proposed ORDINANCE DATE: AGENDA ITEM # R-1 MARCH 28, 2011 DEPARTMENT: FINANCE SAM AZAD, DIRECTOR TITLE AN ORDINANCE ESTABLISHING CAPITAL PROJECT NO. CP1112, FIRE PUMPER PURCHASE, AND BUDGETING AND APPROPRIATING FUNDS IN THE AMOUNT OF $363,504 THEREFOR ISSUE Should the City Council establish a capital project, and budget and appropriate funds in the amount of $363,504 for the purchase of a triple combination fire pumper truck? RECOMMENDATION Approval of the Ordinance. BACKGROUND On January 24, 2001, the City Council approved a Master Lease Agreement with Suntrust Leasing to provide financing for the purchase of a triple combination fire pumper truck. Upon execution of the Lease Agreement, the proceeds were made available by the leasing company for the purchase of the truck. It is necessary to establish the capital project, as well as to budget and appropriate the available debt proceeds, to complete the purchase of the truck FINANCIAL IMPACT Funds resulting from the Master Lease Agreement in the amount of $363,504 will be budgeted and appropriated for Project No. CP1112, Fire Pumper Purchase.