Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Commercial Paper
Project ID (if applicable): NB001
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
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Request for approval of commercial paper funding for Universal Services for the Fleet Vehicles (continuous) project in the additional amount of $18,560,000 for a total CP funding of $89,060,000.
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Background and Discussion:
Commercial Paper A-1 is used to (1) pay contractual obligations incurred or to be incurred for the construction of and the purchase of fixtures, equipment and machinery for or in connection with the County's criminal and civil justice centers, the County's firefighter training facility, (2) pay contractual obligations incurred or to be incurred for the purchase of automobiles and other vehicles, equipment and machinery, including computers, materials and supplies for the operations of the County precincts and departments and other authorized needs and purposes including services provided by engineers, architects, attorneys, auditors, financial advisors.
Commercial Paper is being requested for the Universal Services for the Fleet Vehicles (continuous) project and is expected to be repaid within the next three fiscal years either through bonds, budgetary means or pay-as-you-go sources. This is for approval for allocation of Commercial Paper for a previously approved project within the previously authorized amount.
HB 1869 compliance confirmed by: Michael James, Special Assistant County Attorney, February 14, 2023.
Expected Impact:
Vehicles, as assets with a medium-term life, should generally be purchased with CIP funds, rather than cash. Using funding sources that ...
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