CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: March 12, 2014

Commission, Board or Committee: NA

Staff Contact: Pauline Sumption

L&F Committee: 3/12/2014

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City Council Hearing: 3/17/2014

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City Council 2nd Reading: Click here to enter date.

Agenda Title:

Approve Resolution 2014-031 A RESOLUTION OF THE GOVERNING BODY OF CITY OF RAPID CITY , AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER GOVERNMENTAL LEASE-PURCHASE AGREEMENT AND SUPPLEMENT NO. 370946-401 THERETO WITH RESPECT TO THE ACQUISITION, PURCHASE, FINANCING AND LEASING OF CERTAIN EQUIPMENT FOR THE PUBLIC BENEFIT; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS REQUIRED IN CONNECTION THEREWITH; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION

Summary:

Various departments made large equipment purchases in 2013 that required financing.  This will be a 5-year lease purchase at 3.09% interest with Wells Fargo.  Total principal amount is $371,814; annual payments are scheduled at $81,667.11

Funding Source & Fiscal Impact (if applicable):

Various Department budgets

Recommendation:

Action: Approve

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Options:

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Attachments & Links:

Resolution 2014-031

Draft Attorney Opinion

Contract information

Directions

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