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Home My WebLink AboutIII(G) Approval And Authorization For Lease/Purchase Of Vehicles-City Wide Agenda 2-17-98 Item III G "CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER S. SCOTT VANDERGRIFT Ocoee COMMISSIONERS C gr! ..�o CITY OF OCOEE DANNY HOWELL .�` tit 150 N.LAKESHORE DRIVE SCOTT ANDERSON OCOEE,FLORIDA 34761-2258 SCOTT A.GLASS O NANCY J.PARKER (+�, ?� (407)656-2322 y ' � CITY MANAGER q4 Of G000 s`� ELLIS SHAPIRO TO: Honorable Mayor and Board of City Commissioners FROM: Donald Carter, Finance Supervisor DATE: February 12, 1998 RE: Vehicle Purchase Financing The City budgeted for the lease/purchase of 21 new vehicles this fiscal year. They are as follows: One Ford Explorer for the Planning Department One Ford Explorer for the Fire Department Two Crown Victorias for the Police Department One Ford F-150 Pick-up Truck for the Protective Inspection Department Three Ford F-1504x4 Pick-up Trucks for the Public Works/Street Department Three Ford F-150 4X4 Pick-up Trucks for the Public Works/Parks Department One Ford F-150 4x4 Pick-up Truck for Solid Waste Two Ford F-150 4x4 Pick-up Trucks for Stormwater Operating Five Ford F-150 Pick-up Trucks with utility bed tool box for the Water Department Two Ford F-150Pick-up Trucks with utility bed tool box for the Waste Water Department Over the past two months, staff has searched for the best prices and financing available. For all the pick-up truck the best pricing found was through the Florida Sheriffs Association bid#97-05- 0915. For the Ford Explorers and the Crown Victorias the best pricing found was through the City of Cape Coral bid#PUR 122397-20 and PD 123097-21 respectfully. Total cost for all vehicles is $ 398,905.00. Staff contacted Suntrust Bank, Ford Motor credit and Commercial and Municipal Capital, LLC. to seek financing. We requested figures for 3 year , 4 year and 5 year lease term (See 4. cbt.52\ ciL- Attachment). Based upon this information it was determined that Suntrust is the most cost effective financing source. They offer the best terms and to deposit the loan proceeds into a trust account prior to the delivery of the vehicles. This trust account will be held by the City and would gain interest until fund are expended. Staff recommends the police vehicles have a lease term of 3 years due to their usage and all other vehicle have a lease term of 4 years because it gives the best terms. ACTION REQUESTED Staff recommends the Honorable Mayor and Board of City Commissioners: a) approve using the Florida Sheriffs Association bid#97-05-0915 for the purchase of all Ford F-150 Pick-up Truck and City of Cape Coral bid #PUR 122397-20 and PD 123097-21 for the purchase of the Ford Explorers and the Crown Victoria police cars and b) approve Suntrust as the financing source for the purchase of new city vehicles and b) approve the recommended lease term of 3 years for police vehicles and 4 years for all other vehicles. CITY OF OCOEE VEHICLE FINANCING , SUNTRUST FORD MOTOR CREDIT GAPITL&MUNICIPAL CAPITAL LEASE TERM INTEREST RATE QTLY. PYMT. INTEREST RATE QTLY, PYMT. INTEREST RATE QTLY. PYMT. 3 YEAR 4.663% 35,401.77 4.850% 35,489.39 .4.990% 35,511.56 4 YEAR 4.649% 27,150.08 4.950% 27,296.67 4.940% 27,258.20 5 YEAR 4.694% 22,232.53 5.000% 22,386.15 4.930% 22,322.93 BASED UPON PRINCIPAL AMOUNT OF$398,305 Page 1 9798 VEHICLE LEASE LIST.xls CITY OF OCOEE FY 97/98 LEASE VEHICLES LIST DEPARTMENT ACCT# BUDGET DESCRIPTION QTY COST BID NAME BID# PLANNING 001-516-00-6401 10,000 1998 FORD EXPLORER 1 25,304 CITY OF CAPE CORAL PUR122397-20 4x4, STANDARD XLT PACKAGE FROM CITY OF CAPE CORAL CONTRACT,WITH 5.0 L ENGINE OPTION FIRE 001-522-00-6401 10,000 1998 FORD EXPLORER 1 23,547 CITY OF CAPE CORAL PUR122397-20 4x2, STANDARD XLT PACKAGE FROM CITY OF CAPE CORAL CONTRACT,WITH 5.0 L ENGINE OPTION, RUNNING BOARDS, 5" DOME LAMP BETWEEN SUN VISOR(DEALER INSTALLED), HEAVY DUTY ALL TERRAIN TIRES POLICE 001-521-00-6401 1998 CROWN VICTORIA 2 38,768 CITY OF CAPE CORAL PD123097-21 WITH POLICE PACKAGE PROTECTIVE INSPECTION 001-524-00-6401 4,150 1998 F150,WITH TILT 1 14,324 FLORIDA SHERIFFS ASSOC 97-05-0915 STEERING WHEEL AND SPEED CONTROL • Page 1 9798 VEHICLE LEASE LIST.xls PUBLIC WKS/STREET 001-541-20-6401 12,450 1998 F150 4x4,WITH 4.6L 3: 58,728 FLORIDA SHERIFFS ASSOC 97-05-0915 V8, HEAVY DUTY TOWING PACKAGE UP TO 72001b, LIMITED SLIP OR LOCKING DIFFERENTIAL ON REAR AXEL,ALL TERRAIN TIRES, 8' CARGO BOX IN LIEU OF 6'CARGO BOX, ALUMINUM TOOL BOX, BED LINER PUBLIC WKS/PARKS 001-541-30-6401 12,450 1998 F150 4x4,WITH 4.6L 3 58,728 FLORIDA SHERIFFS ASSOC 97-05-0915 V8, HEAVY DUTY TOWING PACKAGE UP TO 72001b, LIMITED SLIP OR LOCKING DIFFERENTIAL ON REAR AXEL,ALL TERRAIN TIRES,8' CARGO BOX IN LIEU OF 6'CARGO BOX, ALUMINUM TOOL BOX, BED LINER PUBLIC WKS/SOLID WASTE 402-534-20-6403 4,150 1998 F150 4x4,WITH 4.6L ' 1 19,576 FLORIDA SHERIFFS ASSOC 97-05-0915 V8, HEAVY DUTY • TOWING PACKAGE UP TO 7200Ib, LIMITED SLIP OR LOCKING DIFFERENTIAL ON REAR AXEL,ALL TERRAIN TIRES, 8' CARGO BOX IN LIEU OF 6'CARGO BOX, ALUMINUM TOOL BOX, BED LINER Page 2 9798 VEHICLE LEASE LIST.xls STORMWATEROPERATING 103-538-20-6401 8,300 1998 F150 4x4,WITH 4.6L 2 39,152 FLORIDA SHERIFFS ASSOC 97-05-0915 V8, HEAVY DUTY TOWING PACKAGE UP TO 72001b, LIMITED SLIP OR LOCKING DIFFERENTIAL ON REAR AXEL,ALL TERRAIN TIRES, 8' CARGO BOX IN LIEU OF 6'CARGO BOX, ALUMINUM TOOL BOX, BED LINER WATER OPERATING 401-533-00-6401 20,750 5 86,270 FLORIDA SHERIFFS ASSOC 97-05-0915 1998 F150,WITH 4.6L V8, UTILITY BED TOOL BOX WASTEWATER OPERATING 401-535-00-6401 8,300 2 34,508 FLORIDA SHERIFFS ASSOC 97-05-0915 1998 F150,WITH 4.6L V8, UTILITY BED TOOL BOX TOTALS 1 90,5501 I 21 398,9051 Page 3