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<br />SWC:mf 2/5/81 <br />SWC:mf 2/18/81R <br /> <br />8800 <br /> <br />ORIGINAL <br />FEB 23 1981 <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />RESOLUTION APPROVING AGREEMENT FOR LEASE WITH OPTION <br />TO PURCHASE OF STREET SWEEPER <br /> <br />WHEREAS, pursuant to Resolution No. 8774, adopted January 5, <br /> <br />1981, this Council approved an award of bid for the purchase of a <br /> <br />street sweeper, for the cost of Forty-six Thousand Four Hundred <br /> <br />Ninety and No/IOO Dollars ($46,490.00) plus sales tax; and <br /> <br />WHEREAS, the Director of Finance has determined that leasing <br /> <br />said equipment with an option to purchase is more cost advantageous <br /> <br />than outright purchase, and has therefore solicited proposals <br /> <br />from financial institutions for a lease with option to purchase <br /> <br />of said equipment; and <br /> <br />WHEREAS, the proposal of Lloyds Bank California, Los Angeles, <br /> <br />California, for a three year lease with option to purchase of said <br /> <br />equipment at ten (10) percent interest, in the total amount of <br /> <br />Fifty Thousand Nine Hundred Eighty-Four and 50/100 Dollars <br /> <br />($50,984.50) plus sales tax, payable in three annual installments <br /> <br />of Sixteen Thousand Nine Hundred Ninety-four and 83/100 Dollars <br /> <br />($16,994.83), is the lowest and best proposal; and <br /> <br />WHEREAS, it is the intent of this Council to approve a lease <br /> <br />with option to purchase of this equipment and to accept the <br /> <br />proposal of Lloyds Bank California for said leasing; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br />AS FOLLO~vS: <br /> <br />The proposal of Lloyds Bank California for a three year <br /> <br />lease with option to purchase of a street sweeper at an interest <br /> <br />rate of ten (10) percent is hereby approved, and the Director of <br /> <br />Finance and City Manager are hereby authorized to complete all <br /> <br />necessary documentation for said lease transaction. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />8 800 <br />