Approving an Amendemtn to the Lease Purchase Agreement with Security Pacific Leasing for Capital Equipment

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RESOLUTION NO. 1 40 L, _ 3 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING AN AMENDMENT TO THE LEASE PURCHASE AGREEMENT WITH SECURITY PACIFIC LEASING FOR CAPITAL EQUIPMENT. WHEREAS, the City of South Bend has entered into an agreement to replace certain capital equipment in order to provide essential services in an economic manner; and WHEREAS, the City intends to add the costs of other needed equipment for its Street Department, Fire Department and Department of Administration and Finance; and WHEREAS , the proposal of Security Pacific Leasing Corporation has been accepted by the Board of Public Works and approved by the Common Council ; and WHEREAS, the total cost of said equipment shall be a maximum of $3 , 000 ,000 . 00 plus trade-ins at an interest rate of 7. 95% with semi- annual payments of a maximum of $319 , 200 . 00 commencing January 15 , 1986 and payable every six (6) months thereafter for a total of six (6) years . NOW THEREFORE BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, AS FOLLOWS : SECTION I . The Lease Purchase Agreement with Security Pacific Leasing Corporation for the purchase of said equipment is amended as follows: an increase to a maximum of $3 , 000 , 000 . 00 in expenditures for capital equipment from the originally approved limit of $2 ,500 , 000. 00. SECTION III . The Common Council of the City of South Bend intends to appropriate sufficient funds from the levy in the 1986 , 1987, 1988 , 1989 , 1990 and 1991 budget years to cover payments due on said Lease Purchase Agreement. SECTION III . This Resolution shall be in full force and effect upon passage by the Common Council and approval by the Mayor. ember of the Cbminon Council Mum-no 3 /0 86 MAR 1S86 1-v Ci cRK, So RP^'