HomeMy Public PortalAboutAB 04-186 Wheel loader Lease ExtensionMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, ID 83638
Number AB 04-186
Meeting Date December 15, 2004
AGENDA ITEM INFORMATION
SUBJECT:
Resolution 04-18:
1999 Caterpillar 924GZ Wheeloader Lease/ Purchase Agreement
Approvals: Department/
Committee/Individual
Initials
Remarks
(Originator/Support)
Mayor / Council
City
Manager
Community Development
Treasurer
Clerk
Police Department
Public Works
Originator
Golf Operations
Parks & Recreation
COST
IMPACT: $47,456
Airport
FUNDING SOURCE: Streets Fund
Library
City Attorney
TIMELINE:
Grant Coordinator
Other:
SUMMARY STATEMENT:
In
January 2000, the City entered into a lease purchase agreement with First Security Bank for a 1999 Caterpillar 924GZ Wheel Loader. Under the terms of the contract, the final payment
of $47,456 is due on January 14, 2005. Funds have been budgeted in the FY 04-05 budget to extend the remaining amount due under the lease purchase agreement.
The proposed resolution
will authorize the City to refinance the remaining amount with Wells Fargo Bank for 3 years at a rate of 3.60%. Annual payments of $16,430.45 will be due on January 14 each year. At
the end of the lease the City will own the equipment for $1.00.
Attached are copies of the proposed Resolution and lease purchase agreement with Wells Fargo Bank.
RECOMMENDED
ACTION:
Adopt Resolution 04-18 and authorize the mayor to sign the necessary documents.
RECORD OF COUNCIL ACTION
Meeting Date
ACTION
12/15/04
Adopted Resolution 04-18
and authorized the mayor to sign the necessary documents