AGENDA CAPTION:
Title
Consider approval of Resolution 2023-52R, approving an addendum to the Master Lease-Purchase Financing Agreement with US Bancorp Government Leasing and Finance Inc. that adds a Freightliner vac truck for the Public Works Department as equipment to be financed under the agreement in the amount of $602,300.11, 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 21, 2023
Department: Public Works - Sabas Avila, Director (by Lynda Williams, Purchasing Manager)
Amount & Source of Funding
Funds Required: Annual payment of $86,042.87 from April 2024 - April 2030 for a total of $602,300.11 across the seven-year repayment term.
Account Number: 20006301-52112
Funds Available: VEHICLE/EQUIP FINANCE PYMNTS
Account Name: Capital Outlay
Fiscal Note:
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Background Information:
The City received one proposal to finance the following equipment for the Public Works Department. Santander Bank did not provide a bid. U.S. Bancorp Government Leasing and Finance, Inc offered an interest rate of 4.62% for a seven (7) year term. The total amount to be paid over the seven-year financing term is $602,301.11, compri...
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