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April 5, 2022 Board Meeting
Agenda Item 13.
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| | | | | | | | Title
APPROVAL OF THE ESCROW AGREEMENT BETWEEN HEWLETT PACKARD FINANCIAL SERVICES (HPFS), DEUTSCHE BANK AND THE SARASOTA COUNTY SCHOOL BOARD (SCSB)
Description
On December 7, 2021, the School Board approved the advance purchase agreement (APA) for the lease with HPFS for Phase 3.5 of our desktop and notebook annual refresh in an amount not to exceed $15 million. Unfortunately, because of the COVID-19 pandemic, the supply chain for technology equipment has been greatly delayed. The APA has now expired, and it is anticipated we may not fully receive our equipment until close to the end of the 2021-2022 school year. To protect our equipment pricing and our lease interest rate, SCSB can enter into an escrow agreement between SCSB, HPFS and Deutsche Bank. This escrow agreement will allow HPFS to fund the total value of the lease into an escrow account at Deutsche Bank. Deutsche Bank will provide payment to Hewlett Packard Equipment Company as equipment is received by SCSB.
Recommendation
That the escrow agreement between HPFS, Deutsche Bank and the Sarasota County School Board be approved as presented.
Contact
CORCORAN
Financial Impact
N/A
Strategic Plan Reference
N/A |
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