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<br />DAS:sb 10/26/87 (#0) <br /> <br />---------- <br /> <br />10671 <br /> <br />NQV 2 1987 <br />ORIGINAL <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />RESOLUTION APPROVING LEASE (WITH PURCHASE OPTION) OF <br />ONE (1) WATER TANK TRUCK, ONE (1) CLASS "TRIPLE <br />COMBINATION PUMPER" AND ONE (1) CRANE TRUCK, AND <br />AUTHORIZING EXECUTION OF DOCUMENTS PERTAINING THERETO <br /> <br />WHEREAS, pursuant to Resolution Nos. 10484 and 10485, <br /> <br />adopted April 20, 1987, this Council approved and authorized <br /> <br />execution of agreements with vendors for the purchase of one (1) <br /> <br />water tank truck and one (1) class "triple combination pumper" <br /> <br />and authorized the Finance Director to obtain quotes for <br /> <br />lease-purchase financing of said truck and pumper; and <br /> <br />WHEREAS, this Council approved and authorized the Director <br /> <br />of General Services to readvertise and call for bids for the <br /> <br />purchase of one (1) telescopic crane truck; and <br /> <br />WHEREAS, the Director of Finance has determined that leasing <br /> <br />said trucks and pumper with an option to purchase is more <br /> <br />economical than direct purchase, and has therefore solicited <br /> <br />proposals from financial institutions for a lease with an option <br /> <br />to purchase said trucks and pumper; and <br /> <br />WHEREAS, the proposal of Security Pacific Merchant Bank, Los <br /> <br />Angeles, California, for a three (3) year lease with option to <br /> <br />purchase said trucks and pumper thereunder at 7.7% net effective <br /> <br />rate of interest payable in three installments of One Hundred <br /> <br />Eighteen Thousand Nine Hundred Ninety-six and 18/100 Dollars <br /> <br />($118,996.18) 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 />10671 <br />