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<br />DCB:sh 10/8/84 <br /> <br />OCT 1 5 1984 <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />9713 <br /> <br />CR:GINAl <br /> <br />RESOLUTION APPROVING LEASE (WITH PURCHASE OPTION) OF <br />DATA PROCESSING EQUIPMENT, AND AUTHORIZING EXECUTION OF <br />DOCUMENTS PERTAINING THERETO <br /> <br />WHEREAS, pursuant to Resolution No. 9678, adopted August 27, <br /> <br />1984, this Council approved and authorized execution of an <br /> <br />agreement with Madic Corporation for the upgrade of the City <br /> <br />Computer and authorized the Finance Director to obtain quotes for <br /> <br />lease-purchase financing; and <br /> <br />WHEREAS, the Director of Finance has determined that leasing <br /> <br />said equipment with an option to purchase is more economical than <br /> <br />direct purchase, and has therefore solicited proposals from <br /> <br />financial institutions for a lease with an option to purchase <br /> <br />said equipment; and <br /> <br />WHEREAS, the proposal of Interfirst Continental Financial <br /> <br />Corporation, Dallas, Texas, for a three-year lease with option to <br /> <br />purchase said equipment thereunder at 10.99 percent interest, <br /> <br />payable in four installments per year of Twenty Thousand Seven <br /> <br />Hundred Thirty-four and 47/100 Dollars ($20,734.47) or payment of <br /> <br />$82,937.88 per annum is the lowest and best proposal; and <br /> <br />WHEREAS, this Council desires to accept said proposal and to <br /> <br />authorize execution of all necessary documents (subject to <br /> <br />approval of the City Attorney as to form) to perfect the <br /> <br />acquisition of said equipment through lease-purchase arrangement <br /> <br />in accordance with the aforesaid proposal; <br /> <br />NOW, THEREFORE; <br /> <br />9(113 <br />