05/20/85 Board of Public Works Minutes

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REGULAR MEETING MAY 20, 1985 183 J 1 RIETH-RILEY CONSTRUCTION CO., INC. P.O. Box 1775 South Bend, Indiana 46634 Bid was signed by Richard A. Jankowski, Superintendent, Non -Collusion Affidavit was in order and a 5% Bid Bond was submitted. BID: $15,349.00 HARRY H. VERKLER, CONTRACTOR, INC. 645 Wilber Street P.O. Box 3608 South Bend, Indiana 46619 0608 Bid was signed by Fred H. Lusk, President, Secretary, Non -Collusion Affidavit was in was submitted. BID: $17,354.99 and Harry Lusk, order and a 5% Bid Bond MC INTYRE & JONES CONSTRUCTION CO., INC. 2526 West 6th Street Mishawaka, Indiana 46544 Bid was signed by Kenneth P. McIntyre, President, and Dorothy McIntyre, Secretary, Non -Collusion Affidavit was in order and a 50 Bid Bond was submitted. BID: $17,253.25 Upon a motion made by Mr. Leszczynski, seconded by Mr. Vance and carried, the above bids were referred to the Engineering Department for review and recommendation. FIRE DEPARTMENT EQUIPMENT - BID AWARD CONTINUED Mr. Leszczynski advised that more time was needed to review this item and requested a one week continuance. Upon motion made by Mr. Leszczynski, seconded by Ms. Barnard and carried, the matter was continued until the May 28, 1985 regular meeting of the Board. AWARD PROPOSAL - FINANCING OF MASTER LEASE PURCHASING AGREEMENT In a letter to the Board, Mr. Michael L. Vance, City Controller, advised that he has completed his review of the master lease purchase financing proposals which the Board opened on April 1, 1985. Of the ten (10) proposals, two (2) were originally eliminated as they proposed five (5) year programs as opposed to the six (6) year program the city requested quotes for. Those are Marquette Leasing Services, Inc. and Gelco. Of the eight (8) remaining proposals, six (6) were eliminated because of the necessary arbitrage contracts proposed, unspecified interest rates or agreements during the time of equipment acquisition, or simply, higher interest rates. The remaining two (2), Security Pacific Leasing Corporation and Bankers Leasing Association, have proposed similar arrangements with Security Pacific at an interest rate of 8.39% subject to negotiation, and Bankers Leasing Association at 8.08% firm. In the area of length of time allowed to disperse funds, Security Pacific Leasing offered a date of 12/31/85 flexible. Bankers Leasing Association offered a date of 1/15/86 subject to renegotiation of lease rate if extended beyond that date. Both allow for early pay off of lease agreements without penalty, and both have a first lease payment due at 1/15/86.