Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute The Attached Application For Vehicle Finance Agreement With Americredit Financial Services, Inc., D/B/A General Motors (GM) Financial For The Purchase Of Vehicles For Hollywood Police Department At A Cost Of $1,904,186.40.
Body
Staff Recommends: The approval of the attached Resolution.
Explanation:
The Hollywood Police Department requires forty eight (48) new vehicles to replace a portion of their aging fleet, these vehicles provide support to the City's Law Enforcement Operations.
Currently, the Police Fleet is aging and vehicles are exceeding their useful operational life expectance. General Motors (GM) Financial offers financing for vehicle purchasing agreements, therefore, we can obtain more vehicles with the limited available funding through this creative and financing mechanism and spread the cost over a longer time frame via this agreement.
These vehicles will be purchased under the GM Financial agreement from Alan Jay Florida Sheriff's Association Bid # FSA17-VEL25.0 & FSA17-VEH15.0. Based on Section 14 of the State of Florida Master Amendment that states upon the City's acceptance of a vehicle, title to such equipment shall vest in the City. Description and explanation outlined as follow:
Section 14. Title to Equipment; No Security Interest.
Upon Lessee's acceptance of any Equipment under a Lease, title to such Equipment shall vest in Lessee, subject to Lessor's rights under such Lease; provided, however, that Lessor shall have no security interest therein. Notwithstanding the obligations of Lessee to pay Rental Payments under a Lease, no Lease shall result in the creation of any lien, charge, security interest or other encumbrance upon the Equipment, and Lessor shall have no right to involuntary dispossess Lessee of the use and enjoyment of or title to the Equipment
The vehicles to be purchased are...
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