AGENDA CAPTION:
Title
Consider approval of Resolution 2019-201R, approving an addendum to the Master Lease-Purchase Financing Agreement with U.S. Bancorp Government Leasing and Finance Inc. that adds twenty 2020 police Chevrolet Tahoes to be financed under the agreement in the amount of $678,973.23, 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: October 15, 2019
Department: Police Department - Bob Klett, Interim Chief of Police (By Lynda Williams, Purchasing Manager)
Amount & Source of Funding
Funds Required: $226,324.41
Account Number: CAPF-GENERALC-VEHICLE-POLICE
Funds Available: $550,000
Account Name: Capital Outlay-Vehicle Financing
Fiscal Note:
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Background Information:
The City received proposals to finance twenty (20) Police Tahoes for the Police Department. Of proposals received with the best interest rate, U.S. Bancorp Government Leasing and Finance, Inc., offered an interest rate of 2.23% for a three (3) year term. The total amount of the vehicles is $649,780 plus interest of $29,193.24 is the total amount to be financed and paid by the City which is equal to $678,973.23 at the conclusion of the three-yea...
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