HomeMy WebLinkAboutIII (G) Approval of and Authorization for Mayor and City Clerk to execute all necessary documents for Lease Purchase Agreement with SunTrust for Four New Vehicles Agenda 6-2-98
Item III G
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER
S.SCOTT VANDERGRIFT
Ocoee
O� 5 c COMMISSIONERS
DANNY HOWELL
. . R�I �
CITY OF OCOEE SCOTT ANDERSON
CI 150 N. LAKESHORE DRIVE SCOTT A.GLASS
/�� O OCOEE,FLORIDA 34761-2258
n �v (407)656-2322 NANCY J.PARKER
t i CITY MANAGER
44.4. Of 0000�` ELLIS SHAPIRO
MEMO UWIE
TO: The Honorable Mayor and City Commissioners
FROM: Joyce Meridith, Buyer grn
THROUGH: Donald Carter, Finance Superviso
DATE: May 29, 1998
RE: Lease-Purchase of New City Vehicles
The Mid-Year budget for Fiscal Year 97/98 included the lease-purchase of(4) new vehicles, as
follows:
One 1998 Ford F-150 4 x 4 for the Public Works Administration Department.
One 1998 Ford F-150 4 x 4 for the Public Works Streets Department.
One 1998 Ford F-150 for the Protective Inspections Department(Animal Control)
One 1998 Chevrolet Lumina for the Police Department.
The best pricing was found through the Florida Sheriff's Association Bid #97-05-0915 for the
above vehicles, which has an administrative fee of $50.00 per vehicle. The total cost for all
vehicles is $77,236.00, as per the attached.
Staff contacted Suntrust Bank, Ford Motor Credit Company, and Commercial and Municipal
Capital, LLC for financing. Based upon a lease term of 4 years; Suntrust Bank interest rate is
5.85%, Ford Motor interest rate is 5.85%, and CMC interest rate is 6.25%. Therefore, it was
determined that Suntrust Bank is the most cost effective financing source.
RECOMMENDATION
It respectfully is recommended that the City Commission approve the Lease Purchase Agreement
between the City and Suntrust Bank and authorize execution thereof by the Mayor and City
Clerk and further authorize the Mayor and City Clerk to execute all documents necessary to
consummate the transaction contemplated by the Agreement.
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