HomeMy WebLinkAboutApproving a Lease Purchase Agreement for Capital Equipment RESOLUTION
1299-85
Passed by the Common Council of the City of South Bend, Indiana,
June 10, 19 85
Attest: - / City Clerk
Attest: = '. .,'` AA President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
June 11, 19 85
City Clerk
Approved and signed by me S J O NE /Z EL 19 85 .
tz, yliT-- Mayor
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