City Council

Item 56:\nMaster Lease Agreements to (i) Finance General Fund Vehicles and Equipment and\n(ii) Finance Solid Waste Management Fund Refuse and Recycling Bins.\nTotal Estimated Cost of Proposed Action and Funding Source:\nThe City utilizes the Equipment and Vehicle Financing Program (EVFP) as a leasepurchase financing option to fund certain as-needed eligible essential equipment and fleet\nneeds. Currently, staff is seeking authorization to finance General Fund vehicles in an\namount not to exceed $40.5 million and Solid Waste Management Fund refuse and\nrecycling bins for the Environmental Service Department in an amount not to exceed\n$41.5 million.\nCouncil District(s) Affected: Citywide.\nProposed Actions:\nAdopt the following Ordinance which was introduced on 11/3/2025, Item S400, Subitem\nA (Council voted 8-1, Councilmember Moreno-nay):\nSubitem-A: (O-2026-27 Cor. Copy 2)\nOrdinance approving the City of San Diego’s Master Lease Agreement with Banc of\nAmerica Public Capital Corporation for the purpose of financing the acquisition of\nGeneral Fund vehicles and equipment in an amount not to exceed $40,500,000 and taking\nother related actions and declaring its official intent to reimburse itself from the proceeds\nof tax-exempt lease-purchase obligations.\nSubitem-A: 6 votes required pursuant to Charter Section 99.\nAdopt the following Ordinance which was introduced on 11/3/2025, Item S400, Subitem\nB (Council voted 6-3, Councilmember Foster III-nay, Councilmember von Wilpert-nay,\nCouncilmember Campillo-nay):\nSubitem-B: (O-2026-40 Cor. Copy)\nOrdinance approving the City of San Diego’s Master Lease Agreement with Banc of\nAmerica Public Capital Corporation for the purpose of financing the acquisition of Solid\nWaste Management Fund refuse and recycling bins in an amount not to exceed\n$41,500,000 and taking other related actions and declaring its official intent to reimburse\nitself from the proceeds of tax-exempt lease-purchase obligations.\nSubitem-B: 6 votes required pursuant to Charter Section 99.\nCommittee Actions Taken: N/A\nDebt Management: Marisol Valdovinos, (619) 236-6903\nCity Attorney Contact: Marguerite Middaugh