HomeMy WebLinkAboutResolutions - No. 94-131RESOLUTION NO. 94-131
A RESOLUTION OF THE LODI CITY COUNCIL
AUTHORIZING THE LEASE -PURCHASE OF ONE HIGH-SPEED TURF MOWER
FOR THE PARKS DEPARTMENT
WHEREAS, in answer to notice duly published in accordance with
law and the order of this City Council, sealed bids were received and
publicly opened on September 28, 1994 at 11:00 a.m. for one Toro 580-D
high-speed turf mower for the Parks Department, described in the
specifications therefor approved by the City Council on September 7,
1994; and
WHEREAS, said bids have been compared, checked, and tabulated and
a report thereof filed with the City Manager as follows:
Bidder Location Amount
West Star Distributing Rancho Cordova $63,241.71
California Turf Brea $64,213.61
WHEREAS, in answer to notice duly published in accordance with
law and the order of this City Council, sealed proposals were received
and publicly opened on October 25, 1994 for the purpose of obtaining
Municipal Lease -Purchase Financing for $48,250.00 of the purchase price
of the mower; and
WHEREAS, interest rates and payment schedules thereby proposed
have been compared, checked, and tabulated and a report thereof filed
with the City Manager as follows:
FINANCING INSTITUTION
Farmers & Merchants Bank, Lodi
West Star Distributing, Rancho Cordova
LaSalle National Bank, Denver
Mark Pressman Associates, San Francisco
Business Equipment Leasing, Sacramento
Transocean Funding, Burlingame
Bank of Lodi
First Public Financing, Tulsa, OK
INT.RATE TOTAL OF PAYMENTS
5.75
$53,219.78
6.39
$53,786.88
6.88
$54,222.90
6.98
(1)
6.98%
$54,316.56
7.91
$54,812.76
No Bid
No Bid
Note: (1) Total payment calculations contained irregularities
WHEREAS, the City Manager recommends that award of the bid for
one Toro 580-D high-speed turf mower for the Parks Department be made
to the low bidder, West Star Distributing of Rancho Cordova, through
municipal lease -purchase financing arranged by Farmers and Merchants
Bank of Lodi;
NOW, THEREFORE, BE IT RESOLVED by the Lodi City Council that
award of bid for one Toro 580-D high-speed turf mower for the Parks
Department be and the same is hereby awarded to West Star Distributing
of Rancho Cordova, the low bidder, in the amount of $63,241.71 through
municipal lease -purchase financing arranged by Farmers and Merchants
Bank of Lodi;
BE IT FURTHER RESOLVED that the governing body of the City of
Lodi (Lessee) hereby represents that the reasonably anticipated amount
of qualified tax-exempt obligations which have been and will be issued
by the Lessee does not exceed $10,000,000 for the calendar year within
which this Municipal Lease -Purchase Agreement is to be a "qualified
tax-exempt obligation" pursuant to §265 (b) (3) of the Internal Revenue
Code.
Dated: November 16, 1994
I hereby certify that Resolution No. 94-131 was passed and
adopted by the City Council of the City of Lodi in a regular meeting
held November 16, 1994 by the following vote:
Ayes: Council Members - Davenport, Mann, Pennino, Snider
Sieglock (Mayor)
Noes: Council Members - None
Absent: Council Members - None
J ifer Perrin
City
Cler
94-131