AGENDA CAPTION:
Title
Consider approval of Resolution 2019-108R, approving an addendum to the Master Lease-Purchase Financing Agreement with US Bancorp Government Leasing and Finance Inc. that adds a tractor, rotary mower, manure spreader, and tandem roller for the Community Services, Parks and Recreation Division as equipment to be financed under the Agreement in the amount of $72,742.93, inclusive of interest, for a three-year term; authorizing the City Manager or his designee to execute all appropriate documents associated with this transaction; and declaring an effective date.
Body
Meeting date: June 18, 2019
Department: Community Services…Drew Wells, Interim Director (By Lynda Williams, Purchasing Manager)
Amount & Source of Funding
Funds Required: $72,742.93 FY20-22
Account Number: CAPF.GENERALC.EQUIP.PARD
Funds Available: Appropriated in future budget
Account Name: Capital Outlay
Fiscal Note:
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Background Information:
The City received proposals to finance the following equipment for the Community Services Department, Parks and Recreation Division. Of proposals received with the best interest rate, U.S. Bancorp Government Leasing and Finance, Inc offered an interest rate of 3.15% for a three (3) year term. The total amount or the equipment of $68,389.84 plus interest of $4,353.09 equals the total amount to be financed and paid by the City is $72,742.93 at the conclusion of the three-year agreement. Payments will be made annually with the first payment due May 28, 2020.
Under separate June 18, 2019 Council Item are the procurement of the following equipment to be purchased and financed: Tractor and Rotary Mower from Dietz Tractor Company, Manure Spreader from ABI Attachments, Inc., and Tandem Roller from Kinloch Equipment & Supply.
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Recommendation:
Recommend approving an equipment addendum which amends the financed purchase agreement between the City and U.S. Bancorp Government Leasing and Financing, Inc.