HomeMy WebLinkAbout11- Finance �r
CITY OF SAN BERNA'�'", 1NO REQUEST FOO COUNCIL ACTION
From: JOHN MURPHY, PURCHASING MANAGER Subject: AWARDING SCHEDULE A ADDENDUM TO LEASE
PURCHASE AGREEMENT NUMBER 9035 TO GE
Dept: FINANCE/PURCHASING CAPITAL PUBLIC FINANCE, INC. FOR THE
FINANCING OF TWENTY-TWO POLICE PURSUIT
Date: APRIL 6, 1995 VEHICLES.
Synopsis of Previous Council action:
7/16/90 - Resolution #90-317 approved.
� Ir• P"T^r;l
Recommended motion:
ADOPT RESOLUTION
Signature
Contact person: JOHN MURPHY, PURCHASING MANAGER Phone: ext. 5085
Supporting data attached: Ward:
FUNDING REQUIREMENTS: Amount: $578 , 321.04
Source: (Acct. No.) 0 0 1 — STC) 3 - 0 0 0 0
Acct. Description)
Finance: '
Council Notes:
17-'15
75-0262 Agenda Item No. //
CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
STAFF REPORT
This resolution is for Council to approve Schedule A for the
previously approved Master Lease of GE Capital Public Finance, Inc.
GE Capital Public Finance, Inc. was doing business as GELCO when
the Master Lease was approved, but it is the same organization. The
Council awarded resolution 95-17 previously to Fairview Ford Sales,
Inc. for the purchase of twenty-two Police Pursuit Vehicles.
Purchase order 006317 was issued to the vendor per Council
direction.
The best advantage financing arrangement has been identified as GE
Capital Public Finance, Inc. and recommended to Council for
approval to finance the purchase.
The lease purchase amount to finance is $530, 880. 95 at 6. 15%
interest. Payments are semi-annually in arrears for a total of six
payments of $96, 386.84 over three years. The total payout will be
$578, 321. 04 . The cost to finance is $47 ,440. 09 . The payment
schedule commences on or about July 7, 1995 with delivery of
vehicles on or about May 1, 1995.
The Police Department requested that the order be decreased for
budget reduction reasons. Therefore, we are now negotiating to
decrease our order from twenty-two (22) by six (6) for a revised
total of sixteen (16) Police Pursuit Vehicles. The rate will
remain the same, all other figures will be reduced proportionately.
Sixteen vehicles is the minimum amount to be lease purchased. We
request approval to finance the entire original order if
negotiations are unsuccessful.
JOH P. MURPHY PAT MALLO ,
CHASING MANAGER DIRECTOR OF PUBLIC SERVICES