HomeMy Public PortalAboutAB 03-162 Grader Lease-PurchaseCITY COUNCIL City of McCall
AGENDA BILL 216 East Park Street
Number AB 03-162 McCall, ID 83638
Date October 23, 2003
ITEM INFORMATION
SUBJECT:
Original Agenda Date
& Bill No.
Department/Committee/Individual
Initials
Remarks
Lease-Purchase 1998 CAT
A
Mayor / Council
140H Motor Grader
P
City Manager
P
Finance
Director/City Clerk
R
Deputy City Clerk
O
Community Development
V
Police Chief
A
Public Works
originator
L
Director of Golf & Parks
Operations
COST IMPACT:
$127,149.36 (P&I)
S
Recreation Director
FUNDING SOURCE:
Airport Manager
Streets Fund
Librarian
TIMELINE: Four (4) year
lease
City Attorney
Grant Coordinator
SUMMARY STATEMENT:
Since 1998, the department has been leasing a 1998 CAT 140H Motor Grader and the balloon payment of $120,000
in principal and interest is due on 11/16/03. Rather than making a balloon payment this year, the Department budgeted funds in order to seek a Lease-Purchase agreement with Caterpillar
Financial Services Corporation to obtain ownership of this motor grader. With Council approval , annual payments of $31,787.09 will begin on 11/16/03 for four (4) years with the last
full payment due on 11/16/06 and a final payment of $1.00 on 11/16/07.
Two original contracts requiring signatures have been included with this agenda bill.
RECOMMENDED ACTION:
Approve
lease purchase agreement with Caterpillar Financial Services and authorize Mayor to sign.
RECORD OF COUNCIL ACTION
Meeting Date
Action
10/23/03
Caterpillar lease purchase
agreement approved, Mayor authorized to sign.