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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: March 12, 2014 |
Commission, Board or Committee: NA |
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Staff Contact: Pauline Sumption |
L&F Committee: 3/12/2014 |
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Petitioner: |
City Council Hearing: 3/17/2014 |
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Location: |
City Council 2nd Reading: |
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Agenda Title: |
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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 |
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Summary: |
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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 |
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Funding Source & Fiscal Impact (if applicable): |
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Various Department budgets |
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Recommendation: |
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Action: Approve Notes: |
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Options: |
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Attachments & Links: |
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