City Council

E. AUTHORIZATION FOR EARLY PAYOFF OF HOLMAN CAPITAL LOAN\nIn August 2020, the City Council authorized a $636,000, 2.9% interest, Master\nEquipment Lease-Purchase Agreement (Loan) with Holman Capital Corporation\nthat finances essential vehicles for the Police, Fire, and Public Works\nDepartments. As of August 24, 2025, the remaining payoff balance is\n$117,186.75. The primary purpose of the early payoff is to be able to trade-in\npolice vehicles for value that are no longer in service. The Loan is scheduled to\nbe paid off in August of 2026. To complete a trade-in or resale, the City must\nfirst obtain clear titles through early payoff of the loan. The payment will have\nno impact on the General Fund, and since the payment is from the Fleet Services\nFund, which has sufficient funds, no additional appropriation is required.\nCalifornia Environmental Quality Act (CEQA) Determination: Not a Project as\ndefined in Section 15378(b)(4) of the State CEQA Guidelines.\nRecommended Action:\nStaff recommends that the City Council authorize early payoff of the San Gabriel\nPolice Vehicle Loan (Loan No. 500238001) in the approximate amount of\n$117,186.75, subject to final confirmation from the bank holding the debt.