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DFD Memorandum <br /> 2020-14 <br /> Page 2 <br /> The utilization of the HGACBuy Group allows the City to acquire the apparatus at consortium <br /> buying pricing and does not negatively impact the City in any pricing matter. This is the most <br /> affordable mechanism for acquisition of the apparatus. <br /> Financing will be shopped to local banks as the first priority, and second to other financing <br /> institutions should local financing not be a desirable option. <br /> With this resolution presented to Council for approval, Council will grant the City authority to <br /> secure debt financing of a not to exceed amount of$1,400,000.00 with an annual interest financing <br /> rate of not to exceed 4.0%,with City ability to select a debt repayment term not to exceed 8 years. <br /> Such repayment term will be selected from the most favorable terms quoted by the financing <br /> institutions. <br /> POTENTIAL OBJECTION: None <br /> STAFF REFERENCE: Jeff Abbott, Fire Chief, 424-2811. Jim Ohl, Deputy Fire Chief, <br /> 424-2811. Chief Abbott will be at the council meeting to answer any questions the Council may <br /> have about this purchase. <br /> BUDGET/TIME IMPLICATIONS: The Apparatus will be delivered and operational in the <br /> second or third quarter of 2022 with the first financing payment due in Q 12023. <br />