2026 MASTER EQUIPMENT LEASE

Board of County Commissioners · 2026-06-02 · resolution

Miami-Dade County approved a resolution to select Banc of America Public Capital Corp to provide up to $80,000,000 for the lease/purchase of approximately 787 vehicles and equipment for multiple county departments and constitutional offices. The financing will cover police vehicles, fire rescue apparatus, refuse trucks, and other light and heavy vehicles. The selection followed a competitive solicitation process where Banc of America Public Capital Corp offered the lowest interest rates, ranging from 3.42% to 4.07%, valid until June 16, 2026. Lease payments will begin October 1, 2026. A waiver of Resolution No. R-130-06 was approved to allow for finalization of agreements after the resolution's effective date. During committee review, Senator Garcia advised he would vote no. Vice Chairwoman Milian Orbis inquired about electric vehicles, and it was stated that 43 of the 787 vehicles would be electric (sedans and light trucks), with no electric buses included. Commissioner Cohen Higgins questioned the cost-efficiency of leasing versus purchasing fleet vehicles and requested a cost-benefit analysis, which was agreed to be provided.