Recommendation to authorize City Manager, or designee, to execute all documents necessary enter into a 15-year lease-purchase agreement and related financing documents with Banc of America Public Capital Corporation, of San Francisco, CA, for the financing of the Advanced Metering Infrastructure Project for the Long Beach Water Department, in an amount not to exceed $36,000,000, including interest costs and fees.  (Citywide)
Motion carries. Item 17. Report from Financial Management and Water Recommendation to enter into a 15 year lease purchase agreement with Bank of America Public Capital Corporation for the Financing of the Advanced Metering Infrastructure Project for the Long Beach Water Department in an amount not to exceed 36 million citywide. Remaining private companies under this price. We get. Sorry. I know it's late, but I would love to hear from staff on this item. Vice Mayor, Council Members We have a staff report on this by our city treasurer David Nakamura. And also Fidel will serve in the audience to members from the water department. We have Paul Fujita and Anatole Colligan and they'll be here to answer any questions as well. So, David, take it away. Thank you very much, Mr. West. All Fidel Aguayo will be giving. Us. Our staff report tonight. Fidel, is this the city's debt manager? Honorable Mayor, Members of City Council. On November 1st, 2018, the Board of Water Commissioners authorized the financing of the Events Infrastructure Project. The A my project is a network of smart meters that allows meters to be read automatically and uploaded electronically. Automating the meter readers will allow the water department to increase operational efficiencies and achieve annual cost savings. City Council approval is required to execute. A lease purchase agreement and not to exceed $36 million. With Bank of America. The estimated annual lease. Payment will be approximately $2.4 million. Payable over the next 15 years. The lease payment will be payable equally from the water and sewer fund enterprise funds and will be partially offset by the elimination of the manual meter reading contract. This concludes the staff report. Staff and members from the Water Department are available for questions. Thank you. If any public comment on this item? Seeing none. There's a motion concern, Ringo. Consumer price cap. Please cast your votes. Vice mayor. Yes.