Oxnard-- The Finance & Governance Committee, Tuesday, March 8, authorized the execution and delivery of the schedule of property to the Bank of America Master Equipment Lease Purchase Agreement for the financing and leasing of certain equipment.
THE agreement will not exceed$3.3 million. Chief Financial Officer Betsy George said the agreement is for the fire engines that the city is already in the process of purchasing.
“The Council approved the purchase of these back in January,” she said. “We brought this item to the committee two weeks ago as a reimbursement. The next step in that process is to seek approval from the committee and the council to enter into a financing agreement with the Banc of America for these fire engines.”
NHA Advisors Assistant Vice President Christian Sprunger said the council authorized the purchase of the three fire engines in January for $2.6 million.
“Those vehicles were then purchased in the last week of January to avoid a seven percent cost increase that would have that would have taken effect, February 1,” he said. “To the city staff’s credit, that acceleration saved the city about $172,000. A material amount.”
He said the engines were purchased through South Coast…
