06/09/87 Board of Public Works Minutes

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REGULAR MEETING JUNE 9, 1987 The regular meeting of the Board of Public Works was convened at 9:30 a.m. on Tuesday, June 9, 1987, by President John E. Leszczynski, with Mr. Leszczynski and Mrs. Patricia E. DeClercq present. Board member Michael L. Vance was not in attendance. Also present was Chief Deputy City Attorney Thomas Bodnar. AGENDA ITEM ADDED Upon a motion made by Mr. Leszczynski, seconded by Mrs. DeClercq and carried, an Amendment to an Agreement previously entered into with Fair -Play Scoreboards was added to the agenda. APPROVE MINUTES OF PREVIOUS MEETING Upon a motion made by Mrs. DeClercq, seconded by Mr. Leszczynski, and carried, the minutes of the June 2, 1987, regular meeting of the Board were approved. OPENING OF PROPOSALS - COMPUTER AIDED DISPATCH EQUIPMENT FINANCING Mr. Leszczynski advised that Mr. Michael L. Vance, Director, Administration and Finance, has requested Proposals for the financing of the computer aided dispatch equipment. The cost of the system is $693,527.00 with installation to begin in July. The City desires to finance this equipment purchase over a five (5) year period with monthly payments beginning January 15, 1988. Mr. Vance requested that Proposals be submitted outlining the APR over the five (5) year lease pay -back and also identifying the amount of monthly payment at full funding. The following Proposals were opened and publicly read: ST. JOSEPH BANK & TRUST COMPANY P.O. Box 6 South Bend, Indiana 46624 Proposal was submitted by Mr. Phillip E. Byrd, Vice - President, Commercial Loan Division. PROPOSAL: Interest Rate: 7.50% Repayment: Payments on the note shall be in equal installments, including principal and interest. An amortization schedule indicated a payment of $31,560.14 on 1/15/88 with subsequent monthly payments of $13,933.00. The amortization schedule assumes full disbursement on August 15, 1987 and all payments being made on the 15th of each month. Payments would be adjusted based on amount borrowed. FIRST INTERSTATE BANK OF NORTHERN INDIANA, N.A. 112 West Jefferson Boulevard P.O. Box 1512 South Bend, Indiana 46634 Letter submitted by Mr. Daniel R. Jones, Senior Vice - President. PROPOSAL: Mr. Jones advised that at this time, the bank is not in a position to bid on tax exempt financing and anything they could provide would be on a conventional basis.