READ AND PASSED

The enacted bill authorized Philadelphia’s Director of Finance to lease vehicles and equipment from the Philadelphia Municipal Authority to meet the Office of Fleet Management’s needs. The agreement could total up to $30 million for no more than 10 years, with the City making payments from current revenues, an interest rate capped at 6%, and an option to purchase the vehicles and equipment at the end of the lease.

Authorizing the Director of Finance, on behalf of the City of Philadelphia (the "City"), to enter into a lease agreement to lease vehicles and equipment from the Philadelphia Municipal Authority, for the purposes of financing vehicles and equipment and to enter into an escrow agreement pursuant to the terms of the lease agreement, under certain terms and conditions.