HomeMy WebLinkAboutRES 97-187 l
RESOLUTION NO. g�-l�%
BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BEAUMONT:
THAT the City Manager be, and he is hereby, authorized to execute a five (5) year contract
with First Bank and Trust for financing a Gradall Model XL4100 6x4 excavator at a fixed
interest rate of 4.95% at a total cost of $252,514.95 with payments as shown in the
amortization schedule as follows:
Payment Due Principal Interest Payment
Year 1 $43,973.00 $10,883.32 $54,856.32
Year 2 $43,973.00 $8,706.65 $54,679.65
Year 3 $43,973.00 $6,529.99 $50,502.99
Year 4 $43,973.00 $4,353.33 $48,326.30
Year 5 $43,973.00 $2,176.66 $46,149.66
TOTAL $219.865.00 $32,649.95 $252,514.95
Funds for the first annual payment will be budgeted in fiscal year 1998.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the
I day of , 1997.
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- Mayor -