HomeMy Public PortalAboutResolution 29-89 Acquiring office equipment for the Treasurer and general government departments RESOLUTION NO. 29--89�,
WHEREAS the City of McCall sought to obtain certain office
equipment to wit:
IBM Personal System 2 model 30 with peripherals for the
sum of $3 ,110. 00.'
Enable Office Automation Software for the sum of
$335.00.
Harris/Lanier Advocate IV Recording System for the sum
of $2 ,595. 00.
WHEREAS such equipment is being acquired for the Treasurer
and general government departments of the General Fund of the
City and the sum of $2,000 .00 has been appropriated to be
applied upon such purchase price. The City has sought to
finance the balance of such purchase through a lease purchase
agreement with private financial institutions and interest
rates available to the City are excessive. It is therefore
in the best interest of the City to finance the same through
reinvestment of City funds now on deposit in the Idaho State
Treasurer's Local Government Investment Pool. Such City
funds available for reinvestment in the purchase of such
equipment are the Water Fund, the Sewer Fund and the Golf
Fund, or any combination thereof.
NOW, THEREFORE, BE IT RESOLVED, the purchase price for such
equipment shall be paid as follows:
From the General Fund $ 2,000. 00
From a transfer of funds from
Investment Pool: 4,040. 00
TOTAL: $ 6 ,040.00
BE IT FURTHER RESOLVED that the General Fund shall pay to the
investing fund the sum of $4 ,040 .00 over three years with
interest thereon as follows:
1. In January of each year, beginning with January of
1991, determine the State of Idaho Investment Pool
rate for the following:
(a) The current rate on the preceding December
31st.
(b) The average rate for the preceding six months
of July 1st through December 31st.
2 . Using the highest rate of "a" or "b" from above,
add 1%.
3 . Apply the resulting rate to the outstanding balance
to calculate the interest payment for each year.
BE IT FURTHER RESOLVED that the Clerk and Treasurer of the
City of McCall be, and the same are, hereby authorized and
directed to carry the foregoing into effect.
DATED this (c) ---day of October, 1989.
ATTEST:
.1-Ar"14114' -
J4 J. 4EN A-THUR J. :CHM DT
Ma •r City Cler.