HomeMy WebLinkAboutRES 17-055RESOLUTION NO. 17-055
WHEREAS, on December 6, 2016, the City Council of the City of Beaumont,
Texas adopted Resolution No. 16-247 approving a lease purchase agreement to
reimburse the City for the purchase of one (1) Fire Pumper Truck in the amount of
$652,000.00; and,
WHEREAS, bids were requested for a fixed interest rate to finance the truck with
the first annual payment in arrears following the purchase of the truck which was in
October, 2016; and,
WHEREAS, the total lease purchase cost including interest of $43,927.00 is
$695,927.00; and,
WHEREAS, bids were received for a four (4) year lease purchase agreement for
the lease purchase of a Pierce Saber Fire Pumper Truck; and,
WHEREAS, Baystone Government Finance, of Manhattan, Kansas, submitted a
bid at a fixed interest rate of 2.66%; and,
WHEREAS, the City Council is of the opinion that the bid submitted by Baystone
Government Finance, of Manhattan, Kansas, 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 Baystone Government Finance, of Manhattan,
Kansas, for a four (4) year lease purchase agreement at a fixed interest rate of 2.66%
and a total lease purchase cost of $695,927.00, as shown on Exhibit "A," attached
hereto, for the lease purchase of a Pierce Saber Fire Pumper Truck, be accepted by the
City of Beaumont; and,
THAT the City Manager be and he is hereby authorized to execute a four (4) year
lease purchase agreement with Baystone Government Finance, of Manhattan, Kansas,
for the purposes described herein.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 21st day of
March, 2017.
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Financing Agreement
February 7, 2017
Page 2
AMMORTIZATION SCHEDULE FOR LEASE PURCHASE
FINANCING AGREEMENT
Payment
No.
Principal
Interest
Total
Annual
Payment
Option to
Purchase
1
$156,638.55
$17,343.20
$173,981.75
$499,697.69
2
$160,805.14
$13,176.61
$173,981.75
$336,759.26
3
$165,082.55
$8,899.20
$173,981.75
$170,219.89
4
$169,473.76
$4,507.99
$173,981.75
$0.00
TOTAL
$652,000.00
$43,927.00
$695,927.00
EXHIBIT "A"