HomeMy WebLinkAbout1995-116
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RESOLUTION NO. 95-116
2 RESOLUTION OF THE CITY OF SAN BERNARDINO AWARDING SCHEDULE A
ADDENDUM TO LEASE PURCHASE AGREEMENT NUMBER 903S TO GE CAPITAL
3 PUBLIC FINANCE, INC. FOR THE FINANCING OF TWENTY-TWO POLICE
PURSUIT VEHICLES, TO BE UTILIZED BY THE PUBLIC SERVICES/GARAGE
4 DEPARTMENT IN ACCORDANCE WITH BID SPECIFICATION F-9S-17.
5 BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
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SECTION 1.
That GE Capital Public Finance, Inc. is the
lowest and best responsible bidder for the financing of up to
twenty-two police cars in accordance with Bid Specification F-95-
17 for the maximum total amount of $578,321. 04 which finances
$530,880.95 at 6.15% interest payable six (6) months in arrears
over three (3) years; pursuant to this determination, the
Purchasing Manager is hereby authorized and directed to issue
Schedule A addendum to Lease Purchase Agreement Number 9035, for
said financing of twenty-two police pursuit vehicles to said
lowest and best responsible bidder; such award shall only be
effective upon the issuance of a Schedule A Addendum to Lease
Purchase Agreement Number 9035 by the Finance Director; and all
other quotations therefore are hereby rejected.
SECTION 2. The authorization to execute the above referenced
Schedule A Addendum to Lease Purchase Agreement Number 9035 is
rescinded if the parties to the agreement fail to execute it
within sixty (60) days of the passage of this resolution.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the city of San
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l'egular
17th
Bernardino at a
meeting thereof, held on the
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April
day of
, 1995, by the following vote, to wit:
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RESOLUTION OF THE CITY OF SAN BERNARDINO AWARDING SCHEDULE
A ADDENDUM TO LEASE PURCHASE AGREEMENT NUMBER 9035 TO GE CAPITAL
PUBLIC FINANCE, INC. FOR THE FINANCING OF TWENTY-TWO POLICE
PURSUIT VEHICLES, TO BE UTILIZED BY THE PUBLIC SERVICES/GARAGE
DEPARTMENT IN ACCORDANCE WITH BID SPECIFICATION F-9S-17.
COUNCIL MEMBERS AYES NAYS ABSTAIN ABSENT
NEGRETE X
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CURLIN X
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HERNANDEZ X
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OBERHELMAN X
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DEVLIN X
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POPE-LUDLAM X
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MILLER X
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Q~~.
CIT~ CLERK
of
The foregoing resolution is hereby approved this 19th day
April , 1995.
Approved as to form
and legal content:
JAMES F. PENMAN
city Attorney
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Tom Minor, Mayor
City of San Bernardino
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TOTAL PRINCIPAL:
EQUlPMENT:
EQUlPMENT
ACCEPTANCE DATE:
TERM:
PAYMENT METHOD:
INTEREST RATE:
LEASE PAYMENTS:
PROPOSAL EXPIRATION:
TERM SHEET
Alternative No.1
(Interest Capitalized)
$530,880.95
22 - 1995 Police Pursuit Vehides
Must be accepted by July 10, 1995
3 Years
Interest capitalized; interest begins 5/1/95 with six equal
payments due 7/7/95 and semi-annually thereafter. See
attached amortization schedule.
6.15%
$96,386.84
The proposal must be accepted by April 10, 1995. If an
acceptance is not received by this date, the quoted interest
rate will adjust to current market conditions.
If your acceptance is received prior to the proposal
expiration date, the interest rate is firm through July 10,
1995. All fundings must occur on or before this date for
GECPF to hold this rate. If the transaction is not funded by
this date, the quoted interest rate will adjust to current
market conditions.
\
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GE CAPITAL PUBLIC FINANCE, INC.
PAYMENT SCHEDULE RELATING TO EQUIPMENT SCHEDULE NO._______
Fundi ng Date: May I. 1995 Coupon Rate: 6.15%
Pmt Payment Total Pr; nc; pa 1 Interest Prepayment
No. Date Payment Component Component Price *
-------- ------------- -------------- -------------- --------------
1 95 7 7 96.386.84 90.4D1.I5 5.985.69 450.061.52
2 96 I 7 96.386.84 82.842.09 13.544.75 364.138.61
3 96 7 7 96.386.84 85.389.47 10.997.37 276.217.99
4 97 1 7 96.386.84 88.DI5.21 8.371.63 186.253.22
5 97 7 7 96.386.84 9D.721. 67 5.665.17 94.196.77
6 98 I 7 96.386.84 93.511.36 2.875.48 0.00
------------- -------------- -------------- --------------
578.321.04 530,880.95 47.44D.09
* After payment of rental payment due on such date
PAGE A-2
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GE Capital
March 28, 1995
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City of San Bernardino
300 North 'D' Street
San Bernardino, CA 92418-0001
Attention: Mr. John P. Murphy
Purchasing Manager
GE Capital Public Finance, Inc.
A unit of General Electric Capital Corp.
8400 Normanda1e Lake Boulevard, Suite #470
Minneapolis, MN 55487-1079
612-897-5600 - FAX 612-897-5601
RE: Tax-Exempt Lease Purchase Financing Proposal
Dear Mr. Murphy:
This letter is to confirm that the expiration date on our proposal letter dated March 24,
1995 has been extended from April 10, 1995 to April 20, 1995.
Sincerely,
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Jiarbara V Milton '
Sales Account Manager
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