Common Council Approving a Fire Department Lease Purchase Agreement

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RESOLUTION NO. i g3 — 8� A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING A FIRE DEPARTMENT LEASE PURCHASE AGREEMENT STATEMENT OF PURPOSE AND INTENT Recognizing the need of the South Bend Fire Department for periodic replacement and acquisition of firefighting equipment, it is the Common Council ' s belief that it is in the best interest of public safety to approve a lease purchase agreement for the acquisition for a 1984 Pirsch 110' Sky Top Aerial Apparatus with pump. WHEREAS, the South Bend Fire Department has a need to obtain a new aerial apparatus; and WHEREAS, the Board of Public Works, on behalf of the Fire Department, received competitive bids for same and on June 19, 1984, awarded a contract to Peter Pirsch and Son Company of Kenosha, Wisconsin for purchase of same ; and WHEREAS, an Emergency Medical Service Fund has been established to provide funds for the purchase of firefighting materials and equipment; and WHEREAS, the purchase of said apparatus is to be financed through a Lease Purchase Agreement with Marquette Lease Services, Inc. of Minneapolis, Minnesota; and WHEREAS, the total cost of said apparatus shall be Two Hundred Fourteen Thousand Six Hundred Thirty Five Dollars ($214, 635.00) , plus trade-in, plus an interest rate of 9.8%, with annual payments of Sixty Three Thousand Seven Hundred Sixty Nine Dollars and 20/100 ($63,769.20) due in 1985, 1986, 1987, and 1988, for a total cost of Two Hundred Fifty Five Thousand Seventy Six Dollars and 80/100 ($255,076.80) . NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, AS FOLLOWS :