HomeMy WebLinkAbout25- Finance CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
From: Barbara Pachon, Director of Finance Subject: Approval of Master Lease-Purchase Agreement
Dept: Finance
Date: June 3, 1998
Synopsis of Previous Council Action:
None
Recommended Motion:
Adopt resolution
Signature
Contact Person: John P. Murphy, Purchasing Manager Phone: (909) 384-5086
Supporting data attached: Staff Report Ward: City Wide
FUNDING REQUIREMENTS: Amount: -0-
Source: (ACCT. No.) N/A
Acct. Description) N/A
Finance:
Council Notes:
Agenda Item No. !y
CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
STAFF REPORT
SUBJECT:
Approval of Lease-Purchase Master Agreement
BACKGROUND:
Banc One Leasing Corporation has requested to be given the opportunity to provide
financing for our capital purchases. The past practice has been for the Mayor and
Common Council to approve a Master Lease-Purchase Agreement first, before any
rate quotes are solicited from any financial institution. Exhibit "A" is the proposed
Master Lease-Purchase Agreement for this vendor. Once a Master Lease-Purchase
Agreement is approved, that vendor is allowed to quote on any subsequent financing
opportunities. There are ten approved Master Leases currently in effect.
FINANCIAL IMPACT:
This action does not obligate any funds. Individual leases are individually presented
to the Mayor and Common Council for approval.
RECOMMENDATION:
The Mayor and Common Council adopt the resolution approving the Master Lease-
Purchase Agreement for Banc One Leasing Corporation.