HomeMy WebLinkAboutRES 18-106RESOLUTION NO. 18-106
WHEREAS, on January 16, 2018, the City Council of the City of Beaumont,
Texas adopted Resolution No. 18-015 approving a lease purchase agreement to
reimburse the City for the purchase of one (1) Fire Pumper Truck in the amount of
$691,000.00; 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, 2017; and,
WHEREAS, the total lease purchase cost including interest of $43,444.40 is
$734,444.40; and,
WHEREAS, bids were received for a four (4) year lease purchase agreement for
the lease purchase of a Pierce Velocity Fire Pumper Truck; and,
WHEREAS, Signature Public Funding Corp., of Towson, Maryland, submitted a
bid at a fixed interest rate of 3.12%; and,
WHEREAS, the City Council is of the opinion that the bid submitted by Signature
Public Funding Corp., of Towson, Maryland, is in the best interest of the City of
Beaumont and 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 Signature Public Funding Corp., of Towson,
Maryland, for a four (4) year lease purchase agreement at a fixed interest rate of 3.12%
and a total lease purchase cost of $734,444.40, as shown on Exhibit "A," attached
hereto, for the lease purchase of a Pierce Velocity Fire Pumper Truck, be accepted by
the City of Beaumont.
THAT the City Manager be and he is hereby authorized to execute a four (4) year
lease purchase agreement with Signature Public Funding Corp., of Towson, Maryland,
for the purposes described herein.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 8th day of
May, 2018.
Bid Tab
Bid Number:
PF0318-17
Bid Name:
Fixed Interest Rate Lease Purchase Financing Agreement
Bid Open Date:
April 26, 2018
Signature Public Funding Corp
Towson, MD.
Pinnacle Public Finance
Scottsdale. AZ.
KS Statebank
Manhattan, KS.
Fixed Interest Rate Term
Four(4)Year
3.12%
3.32%
3.79%
Five (5) Year
3.19%
3.44%
3.84%