Approving a Lease Purchase Agreement for Capital Equipment

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RESOLUTION NO. NQO- $57 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING A LEASE PURCHASE AGREEMENT FOR CAPITAL EQUIPMENT WHEREAS, the City of South Bend needs to replace certain capital equipment in order to provide essential services in an economic manner; and WHEREAS, the Board of Public Works on behalf of the Fire Department, Public Works Department and Department of Public Parks has received competitive bids for equipment for said departments and has awarded contracts for same; and WHEREAS, the Board of Public Works has solicited proposals for the financing of said equipment through a lease purchase agreement; and WHEREAS, the proposal of Security Pacific Leasing Corporation has been accepted by the Board of Public Works contingent on the approval of the Common Council and of the State Board of Tax Commissioners; and WHEREAS, the total cost of said equipment shall be a maximum of • $2, 500 , 000 plus trade-ins at an interest rate of 7 . 95% with semi-annual payments of a maximum of $265, 995. 00 commencing January 5, 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 approved. SECTION II . 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. Mem er of the .0 on Council LP1 FIEEQ IN CLERK'S OFFICE PRESEPUtb , -10- 8s JUN 5 1985 NOT APPMOVm Irene Gammon \DOPTED 6-16-(15