EQUIPMENTAPPROVED

City of Palmetto Commission Meeting Agenda April 20 2026

City approves $577K equipment lease with U.S. Bancorp

Not to exceed $577,000; quarterly payments of $38,839.89 at 3.6945% interest (total debt service $623,339.72)City of PalmettoU.S. BANCORP GOVERNMENT LEASING AND FINANCE INCApril 20, 2026

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Description

The City of Palmetto Commission approved Resolution 2026-06 to enter into a four-year capital lease with U.S. Bancorp Government Leasing and Finance, Inc. for up to $577,000 to acquire police SUVs, pickup trucks, a tractor, a graphic plotter, and a CRA SUV. The lease carries a 3.6945% interest rate with quarterly payments of $38,839.89 and is structured as a tax‑exempt, annually-appropriated obligation.

Contract Details

Contract Amount

Not to exceed $577,000; quarterly payments of $38,839.89 at 3.6945% interest (total debt service $623,339.72)

Vendor

U.S. BANCORP GOVERNMENT LEASING AND FINANCE INC

Agency

City of Palmetto, FL

Contract Type

EQUIPMENT

Document Date

April 20, 2026

Contract Term

Four (4) years from closing; lease dates approximately June 22, 2026 – March 22, 2030 with quarterly payments

Renewal Date

2030-03-22

Renewal Info

Fixed four-year capital lease with scheduled amortization; no automatic renewals, with an option for early prepayment after 13 months at 103% of remaining principal. Obligations are subject to annual appropriation and terminate at end of amortization schedule in March 2030.

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