AGENDA CAPTION:
Title
Consider approval of Resolution 2021-14R, approving an addendum to the Master Lease-Purchase Financing Agreement with US Bancorp Government Leasing and Finance, Inc. to add a large bucket truck to be financed under the agreement in the amount of $259,652.79, inclusive of interest, for a seven-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: January 19, 2021
Department: Public Services Department - Tom Taggart, Director (By Lynda Williams, Purchasing Manager)
Amount & Source of Funding
Funds Required: $37,093.26 Annually for FY21-27
Account Number: 21006319-60125
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Fiscal Note:
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Background Information:
Quotes were obtained from three lenders and the best interest rate was from U.S. Bancorp Government Leasing and Finance, Inc., at 1.32% for a seven (7) year term; the amount financed is $249,722.00 with the total interest amount of $9,930.79. Total amount paid at the conclusion of the financing agreement will be $259,652.79 inclusive of interest. Payments will be annual with the first payment due on February 15, 2021. Ap...
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