Vote: approved

Item Text

116. LEASE FINANCING CONTRACTS FOR THE OFFICE OF ENTERPRISE TECHNOLOGY’S NETWORK INFRASTRUCTURE TECHNOLOGY EQUIPMENT Approve 10 FY 2009-10 Lease Financing Contracts and authorize the Chairman to execute all capital lease documents, including the “Declaration of Official Intent,” required for the financing of the Office of Enterprise Technology’s network infrastructure technology equipment in an amount not-to-exceed $17,301,336 (principal). Authorize appropriate departmental representatives to sign lease documents pertaining to their respective departments. All capital lease documents are subject to County Attorney Civil Division approval. The Department of Finance will facilitate the three-year reimbursement capital lease. The Office of Enterprise Technology will be expending funds for the capital equipment and will be reimbursed for their expenditures from the proceeds of the capital lease. each Lease Financing Contract will be signed with a vendor approved by the Board under Bid Solicitation 00024-SC. Estimated total capital lease payments, with an approximate 5.00% (estimated) interest rate for the maximum principal amount financed of $17,301,336 equates to yearly debt service payments of approximately $6,240,000 (principal and interest); monthly capital lease payments will be approximately $520,000 (principal and interest). The funds are budgeted. (C-18-10-024-3-ZZ)