HomeMy WebLinkAboutRES 00-101 RESOLUTION NO. Z o -l0/
WHEREAS, bids were received for a three (3) year financing agreement with a fixed
interest rate of 5.39% for financing forty-one (41) Motorola wireless mobile data
communications (MDC) systems in the amount of$452,316.51; and,
WHEREAS, SunTrust Leasing Corporation, Baltimore, Maryland, submitted a bid
for a three (3) year financing agreement at a fixed 5.39% interest rate with an amortization
schedule as shown below:
Payment No. Payment Amount Interest Principal Purchase Option
1 $167,309.70 $24,379.86 $142,929.84 $309,386.67
2 $167,309.70 $16,675.94 $150,633.76 $158,752.91
3 $167,309.70 $8,556.79 $158,752.91 $0.00
TOTAL $501,929.10 $49,612.59 $452,316.51
and,
WHEREAS, City Council is of the opinion that the bid submitted by SunTrust
Leasing Corporation, Baltimore, Maryland, for a three (3) year financing agreement at a
fixed 5.39% interest rate should be accepted;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the bid submitted by SunTrust Leasing Corporation, Baltimore, Maryland, for
financing forty-one (41) Motorola wireless mobile data communications (MDC) systems
for a three (3) year financing agreement in the amount of $452,316.51 at a fixed rate of
5.39% be accepted by the City of Beaumont.
G ACAROLIRESOLUTIIBIDS
BE IT FURTHER RESOLVED that the City Manager is authorized to execute a
"Declaration of Official Intent" stating the City's intent to obtain reimbursement of fund
through this financing agreement.
PASSED BY THE CITY COUNCIL of the City of B umont this the /f day of
Aloklz- , 2000.
- Mayor -
Pro Tem
Guy N. Goodson
GACARWRESOLUTPODS