Item #06 Approval of 3-Year Lease Purchase of New Vehicles for FY 09/10
AGENDA ITEM COVER SHEET
Meeting Date: February 16, 2010
Item # to
Reviewed By: J, /
Contact Name: Joyce Tolbert Department Director: 01 d~O~
Contact Number: 1516 City Manager: ~
Subject: Approval of 3-Year lease-Purchase of New Vehicles for FY 09/10 ----
Background Summary:
The budget for Fiscal Year 09/1 0 includes the lease-purchase of twelve (12) new and replacement vehicles; ten of
these are for the Police Department and two are for the Public Works/Mowing Crew, The Florida Sheriffs
Association and other governmental agency bids were reviewed for the best pricing based on factors such as price
and options available. The City of Ocoee participates each year in the FSA co-op bid, and the bid encompasses
dealerships in the Western, Northern, Central, and Southern parts of the State of Florida.
Issue:
Authorization is needed to piggyback the Florida Sheriff s contract for the vehicles listed. It is the intent of Staff to
consolidate the financing for the vehicles being purchased in order to realize a savings on the interest rate, The
consolidated list of vehicles and equipment to be financed is attached. The total cost for the vehicles requiring
financing approval is $279,803 at an interest rate of 3.24877% for three years through Suntrust Banle
Recommendations
Staff recommends that the City Commission:
1) Approve piggybacking on the Florida Sheriffs Association & Local Governmental Agencies Co-op contract
#09-17 -0908 for the listed vehicles; and
2) Authorize staff to secure financing through Suntrust Bank for the vehicles listed, and authorize the Mayor,
City Clerk, and Staff to execute the Lease-Purchase Agreement Schedule No. 14 and related documents for
the amount of $279,803.00.
Attachments:
1. Consolidated List of vehicles to be financed
Financial Impact:
The 3-year financing of $279,803.00 through Suntrust Bank at an interest rate of 3.24877%, which is Schedule No.
14 to the existing Master-Lease Agreement, to close on or before March 5, 2010.
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