AGENDA CAPTION:
Title
Consider approval of Resolution 2022-49R, approving a Master Lease-Purchase Financing Agreement with J.P. Morgan Chase Bank, N.A. for the financing of a digger derrick, two bucket trucks, and a wire tensioner for use by the Electric Utility Division of the Utilities Department to be financed in the amount of $855,875.59, inclusive of interest, for a seven-year term; authorizing the City Manager or her designee to execute all appropriate documents associated with this transaction; and declaring an effective date.
Body
Meeting date: March 1, 2022
Department: Utilities Department, Tyler Hjorth - Director (by Lynda Williams, Purchasing Manager)
Amount & Source of Funding
Funds Required: $122,267.94 first payment installment due March 2022
Account Number: 21006319.60125
Funds Available: $174,835
Account Name: Equipment
Fiscal Note:
Prior Council Action: Approval of FY22 Budget which included capital outlay requests for these items.
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Background Information:
Under separate Agenda Item on this date March 1, 2022, is the following equipment to be purchased via this finance agreement: (2) bucket trucks, a wire tensioner, and a digger derrick from Altec Industries, Inc.
The City received proposals to finance the listed equipment for the Electric Utility Division, Utilities Depar...
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