HomeMy WebLinkAboutRES 99-302 RESOLUTION NO. '3 ,
WHEREAS, bids were received for a five (5) year financing agreement with a fixed
interest rate of 5.275% for the purchase of one standby emergency generator authorized
by Council on August 11, 1998; and,
WHEREAS, Banc One Leasing Corporation, Corsicana, Texas, submitted a bid at
a 5.275% interest rate with an amortization schedule as shown below:
Payment No. Payment Amount Interst Principal Purchase Option
1 $127,698.90 $28,943.49 $98,755.41 $444,936.29
2 $127,698.90 $23,734.14 $103,964.76 $345,971.53
3 $127,698.89 $18,249.99 $109,448.90 $236,522.63
4 $127,698.90 $12,476.57 $115,222.33 $121,300.30
5 $127,698.89 $6,398.59 $121,300.30 -0-
TOTAL $638,494.48 $89,802.78 $548,691.70
and,
WHEREAS, City Council is of the opinion that the bid submitted by Banc One
Leasing Corporation, Corsicana, Texas, at a 5.275% interest rate should be accepted;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the bid submitted by Banc One Leasing Corporation, Corsicana, Texas, for a five
(5) year financing agreement with a fixed interest rate of 5.275% for the purchase of one
standby emergency generator authorized by Council on August 11, 1998 be accepted by
the City of Beaumont.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the :�� day of
1999.
- Mayor -