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Meeting Date:
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1/13/2020 - 5:00 PM
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Category:
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Consolidated Motion
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Type:
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Action
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Subject:
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13.4 Resolution No. 20-11: Authorizing Execution and Delivery of an Equipment Lease-Purchase Agreement and Approving Related Documents and Actions
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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File Attachment:
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Summary:
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As a result of an overall analysis of our network performed in October, MVLA began upgrading the core network switches. However, the wireless access points and other switchgear are nearing their end of life. As such, the Director of Information Technology reviewed the current network setup with Cisco Systems and recommends the purchase of new switchgear and wireless access points to accommodate the District’s infrastructure to handle the growing demands on our network (“Network Equipment”). The total cost of this upgrade, which includes all hardware, configurations, and installations (as well as licensing and warranties) is $1,610,563.04.
Given the size of this endeavor, MVLA feels that it is in its best interest to finance this project over the next five years with Key Government Finance. The Board has before it a Resolution approving the terms of an equipment lease financing in order to finance the lease of the Network Equipment through Key Government Finance (“Lender”). The Resolution specifically approves the terms of the Lease Purchase Agreement (“Lease Agreement”) with the Lender and the attached schedule which describes the required Lease Payments. The Resolution approves the Lease Agreement with a term of up to 67 months, the total principal amount to be financed not to exceed $1,625,000.00, and the interest rate not to exceed 3.84%.
Good faith estimates of the costs of the financing, as required by Government Code section 5852.1, are set forth in Exhibit A to the Resolution, and obtained by the Lender.
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Funding:
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$1,610,563.04 (approved by Board of Trustees on December 16, 2019)
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Recommendation:
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Approve Resolution No. 20-11: Authorizing Execution and Delivery of an Equipment Lease-Purchase Agreement and Approving Related Documents and Actions.
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Approvals:
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Recommended By:
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Signed By:
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Debbie Maher - Executive Assistant
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Signed By:
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Nellie Meyer - Superintendent
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