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Item Coversheet Page 1 of 1 <br /> Financial Management <br /> DATE: 9/15/2015 <br /> MEMO: Financial Management Department#2015-11 <br /> TO: Honorable Mayor Moore Wolfe and City Council Members <br /> FROM: Tim Gleason,City Manager <br /> Gregg Zientara,City Treasurer&Director of Finance <br /> SUBJECT: Resolution Authorizing the City Manager to Enter into an Agreement with Busey <br /> Bank to Lease Purchase Ten(10)2016 Ford Police Interceptor Mid Size Utility <br /> Vehicles and accessory equipment packages <br /> SUMMARY RECOMMENDATION: On June 15,2015,Council approved Council Resolution R2015-77,accepting the <br /> bid from Jackson Ford,Inc.and authorizing the City to proceed with the acquisition of Ten(10)2016 Ford Police <br /> Interceptor Mid Size Utility Vehicles.City Administration recommends City Council approval of the attached Resolution <br /> authorizing the City Manager to enter into a lease purchase financing arrangement with Busey Bank,to finance the <br /> acquisition of the vehicles replacing obsolete police patrol vehicles with terms as follows:Vehicles Quantity Purchase Price <br /> Financing Terms Interest Rate Police Vehicles 10$268,868.00 24 months 1.500%Accessory package(s) 16,046.48 24 <br /> months 1.500%Total$284,732.48 City Administration recommends the financing arrangement as the desirable acquisition <br /> method due to the combination of limited current cash resources available for equipment replacement and the low cost of <br /> financing available in today's financing market. <br /> BACKGROUND: <br /> Requests for financing proposals were sent to several financing institutions. The lowest price proposal was submitted by <br /> Busey Bank.The second lowest proposal was from PNC Equipment Finance,a subsidiary of PNC Bank. <br /> POTENTIAL OBJECTIONS: There are no known objections to this ordinance request. <br /> INPUT FROM OTHER SOURCES: <br /> No input from other sources. <br /> STAFF REFERENCE: Tim Gleason,City Manager Gregg Zientara,City Treasurer&Director of Finance <br /> BUDGET/TIME IMPLICATIONS: None <br /> ATTACHMENTS: <br /> Description Type <br /> ❑ Resolution Resolutian Lcttcr <br /> REVIEWERS: <br /> Department Reviewer Action Date <br /> I�inancial I�1anagcmcnt Iiright. I)chbic n��}�ro�ed 9I17/201� - 11:0O A;�l <br /> https://decatur.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=240 9/21/2015 <br />