HomeMy WebLinkAboutRES 13-083RESOLUTION NO.13 -083
WHEREAS, bids were solicited for a seven (7) year financing agreement for a fixed
interest rate to finance the water meter infrastructure project; and,
WHEREAS, SunTrust Equipment Finance & Leasing Corp., of Towson, Maryland,
submitted a bid at the fixed interest rate of 1.56 %, as shown on Exhibit "A," attached
hereto; and,
WHEREAS, City Council is of the opinion that the bid submitted by SunTrust
Equipment Finance & Leasing Corp., of Towson, Maryland, should be accepted;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the statements and findings set out in the preamble to this resolution are hereby, in
all things, approved and adopted; and,
THAT the bid submitted by SunTrust Equipment Finance & Leasing Corp., of
Towson, Maryland, for a seven (7) financing agreement for a fixed interest rate of 1.56%
to finance the water meter infrastructure project, be accepted by the City of Beaumont;
and,
BE IT FURTHER RESOLVED THAT the City Manager be and he is hereby
authorized to execute a financing agreement with SunTrust Equipment Finance & Leasing
Corp., of Towson, Maryland, for the purposes described herein.
2013.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 9th day of April,
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°[" "° ° " °••u.•`' CITY OF BEAUMONT, BEAUMONT, TEXAS
BEAUMaW _ PURCHASING DIVISION BID TABULATION
T - B - Z - A - 8
Bid Name: Fixed Interest Rate Financing for Water Meter Infrastructure Project
Bid Number: MF1213 -18
Bid Opening: Thursday, March 7, 2013 Q 2:00 PM
Contact Person: Sara Parker, Buyer III
sparker(&-6. beau;nont.tx. us
Phone: 409-060-3757
Fixed Nnterdst RIO
er
1.56%
Sun Trust Etryipmernt Finance & Leasing Corp.
1.69%
All Arnerican Invesirrmt Group, LLC
1.70%
JP Morgan Chase Bank, NA
1.77%
U.S. Bancorp Government Leasing & Finance Co.
1.79%
Saulsbury MI Financial
1.79%
Web FWW Bank, N.A.
1.85%
Pinnacle Public Finance
1.86%
BOVA
1.97%
Banc of America Public Ceeital Corp.
2.25%
PNC Equipment Finance
EXHIBIT "A"