FINANCIAL_SERVICESAPPROVED

City of Palmetto Resolution 2026-06 US Bancorp Lease Agreement

Palmetto Approves $577,000 Capital Lease with USBancorp

Not to exceed $577,000; total principal $577,000; total debt service $623,339.72City of PalmettoU.S. BANCORP GOVERNMENT LEASING AND FINANCE INCApril 20, 2026

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Description

The City of Palmetto approved Resolution 2026-06 authorizing a 4‑year, tax‑exempt capital lease with U.S. Bancorp Government Leasing and Finance, Inc. for up to $577,000 to finance vehicles and equipment. The agreement carries a 3.6945% interest rate with quarterly payments and includes related financing, escrow, and lease documents.

Contract Details

Contract Amount

Not to exceed $577,000; total principal $577,000; total debt service $623,339.72

Vendor

U.S. BANCORP GOVERNMENT LEASING AND FINANCE INC

Agency

City of Palmetto, FL

Contract Type

FINANCIAL_SERVICES

Document Date

April 20, 2026

Contract Term

April 22, 2026 – March 22, 2030 (4 years), quarterly payments of $38,839.89

Renewal Date

2030-03-22

Renewal Info

Property Schedule No. 4 under the February 28, 2020 Master Tax‑Exempt Lease/Purchase Agreement; lease payments may be prepaid in whole at any time by paying the applicable termination amount plus accrued interest; obligations are subject to annual appropriation and do not constitute a general obligation debt; prepayment permitted after 13 months at 103% of remaining principal under the proposal.

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