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<br />DAS:djc <br />DAS djc <br /> <br />7/31/86 <br />7/31/86R <br /> <br />ORIGINAL <br /> <br />AUG 4 1986 <br />RESOLUTION APPROVING LEASE (WITH PURCHASE OPTION) OF <br />SIX (6) 2-1/2 TON CAB AND CHASSIS TRUCKS, AND <br />AUTHORIZING EXECUTION OF DOCUMENTS PERTAINING THERETO <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />10278 <br /> <br />WHEREAS, pursuant to Resolution No. 10139, adopted February <br /> <br />10, 1986, this Council approved and authorized execution of an <br /> <br />agreement with Mission Valley Ford for the purchase of six (6) <br /> <br />2-1/2 ton cab and chassis trucks and authorized the Finance <br /> <br />Director to obtain quotes for lease-purchase financing; and <br /> <br />WHEREAS, the Director of Finance has determined that leasing <br /> <br />said trucks 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 trucks; and <br /> <br />WHEREAS, <br /> <br />the proposal of First Continental Financial <br /> <br />Corporation, Dallas, Texas, for a four (4) year lease with option <br /> <br />to purchase said trucks thereunder at 7.00 annual percent rate <br /> <br />(" APR") of interest payable in four installments of Fifty-one <br /> <br />Thousand One Hundred Ninety-six and 40/100 Dollars ($51,196.40) <br /> <br />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 trucks through lease-purchase arrangement in <br /> <br />accordance with the aforesaid proposal; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br />AS FOLLOWS: <br /> <br />10278 <br />