Title
Dept/ Agency: Administration/Division of Central Purchasing
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Consent to Assignment of a Contract
Purpose: To assign right of payment under the vendor contract to Capital One Public Funding, LLC.
Entity Name: Capital One Public Funding, LLC
Entity Address: 1680 Capital One Drive, McLean, Virginia 22102
Contract Amount: Not to exceed $2,684,613.15
Funding Source: 2023 Budget/Department of Public Works, Division of Sanitation/Bus. Unit: 011, Dept.: 060, Div./Project 0605, Account #71940, Budget Year: 2023
Contract Period: Not to exceed a seven (7) year term as specified in the Agreement
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
Original Resolution/Contract 7R1-d(S/AS) adopted on May 16, 2023 authorizing the lease/purchase agreement with Appolonia Incorporated d/b/a Air Brake and Equipment, seeks to assign its right to payment under the contract to Capital One Public Funding, LLC.
body
WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City"), is a political subdivision duly organized under the Constitution and laws of the State of New Jersey; and
WHEREAS, it is hereby determined that a true and real need exists for the acquisition of refuse and recycling trucks for use by the City's Department of Public Works (the "Equipment"); and
WHEREAS, on May 16, 2023, the Municipal Council adopted Resolution 7R1-d(s/a) authorizing the utilization of Sourcewell Cooperative contract #060920-CRN with Appolonia, Incorporated d/b/a Air Brake and Equipment, an authorized dealer of Battle Motors Inc., to enter into a seven year lease for five 2024 Crane Carrier LET2-46 Crew Cab 32-yard refuse and recycling trucks with a $1.00 buyout op...
Click here for full text