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Recognize Proceeds from the $8.25 Million Installment Purchase Contract for the Replacement of Transit Buses.
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Staff:
Department:
Amy Oland, Director
Business Management
Overview: The adopted Chapel Hill Transit Capital Plan identifies the need to purchase at least seven replacement buses each fiscal year to maintain a reliable and efficient transit fleet. The Town has used grant funding to purchase 49 buses over the last five years. However, grant funding alone can't meet the full need so we must look at alternate funding sources. The Chapel Hill Transit Partners have agreed to share the financing cost of five 60' clean diesel buses and three 40' electric buses. Council approved the issuance of an RFP for debt financing at the January 25, 2023 business meeting. Council approved the bank selection and financing resolution at the March 8, 2023 business meeting. The financing transaction closed on March 23, 2023 and the final step in the process is for Council to recognize and appropriate the $8,155,000 in financing proceeds.
Recommendation(s):
That the Council recognize the $8,155,000 in financing proceeds and appropriate the $8,100,000 for bus purchases and $55,000 for costs of issuance in the Transit Fund budget.
Attachments:
* Budget Ordinance
AN ORDINANCE TO AMEND "THE ORDINANCE CONCERNING APPROPRIATIONS AND THE RAISING OF REVENUE FOR THE FISCAL YEAR BEGINNING JULY 1, 2022" (2023-04-19/O-4)
BE IT ORDAINED by the Council of the Town of Chapel Hill that the Budget Ordinance entitled "An Ordinance Concerning Appropriations and the Raising of Revenue for the Fiscal Year Beginning July 1, 2022" as duly adopted on June 8, 2022, be and the same is hereby amended as follows:
ARTICLE I
ARTICLE II
This the 19th day of April, 2023.
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The Agenda will reflect the text below and/or the motion text will be used during the meeting.
presenter
By enacting the budget ordinance, Council recognizes and appropriates $8,...
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