HomeMy WebLinkAbout1994-01-24 94-89 ORDERCOUNCD. ACTION
Date: Jamury24,1994 Rem No. 94-89
IteMSubjad: Finanang purchase of Front End Loader
Rosponsible Delmrtmem: Purchasing DepartmeWMMor Pool
Commentary:
On January 3, 1994 the Finales Committee approved the lease-purcbase ofa 1992 Case Model 721
from and loader with a five year buyback option from Beauregard Equipment.
On January 18, 1994 the Finance Committee approved the bid award for financing the $73,076.00
purchase price of the equipmento Key Corp. Leasing Ltd, the low bidder at 5.25%. The financing
contract includes five annul payments of $16,147.75 "in advance" for a total contract amount of
$80,738.75 (mal financing casts- $7,663 W). This firmmingNuyhack arrangement will save
approxw mely $25,000.00 when compared to the standard leasing costs for the five year period.
Dep t
Mamas q'"
commands:, Upwaff
U �`"�City MmuBer
Associated Information: Bid Award recommendmion, Bid tabulation
Budget Approval:
Director
Legal Approval: t
L $oh mr
hdroduced For
% Passage ❑ First Reading ❑ Referral
0
Assigned to Councfiot Baldaccf ]ahoary 24, 1994
_ CITY OF BANGOR
(TITLE.) (DTbTTy _ain im pu:abase of yront-ana Lo a r.
1....... ...........
By AS my CuyeoII etas WW NBamar.
ORDERED,
TEAT the bid award for financing the $73,076.00 purchase of the front-end
loader is hereby made to Key Corp. Leasing Ltd. the low bidder at 5.25% for the
five payment. four year contract.
IN CITY COUNCIL
January 24, 1994
CITY BR
94-89
ORDER
Title,
Financing
Purchase
of
Front -End
Loader
G -
,fn
..... EounniDnan
Jv
n cdof 23xvgaT*'NIIRIP
BID AWARD RECOMMENDATION
BUDOEFREFERENCE:
X_Regulm Appropriation¢ Budges
Enterprise Fund Rem
Number of Bids Sent: 6
Date Advertised:
COMh s:
Requisition No.
Budgeted Amount $I<00000
Tate) Amount of
Award Recommeudation $1§,147]5*
Numberof Bide Received: 5
Bid Opening Date: lau `n . 13 1990
Finance the $73,076.00 purchase ofthe 1992 Wheel Loader through Key Barr of
Albany, NY the low bidder at 5.25% for the five payn enn, four year financing agreement
qPwAgent
APPROVALS
CITT COUNCIL FINANCF.0 hIMYfIEE:
q- 4fa4drec
a, 1�
Dene: jammry 17 1990
*First year's paymevtofthe $M0,M. 55 payment financing agreemelH. -
94-89
CITYOF BANGOR Page 1 of 1
BIDTABULATION BiCOpening: January 13, 1994
FINANCINr 1 A WHFFI I ORDER
Government Leasing Co.
Colorado S rin CO
Leasing Services, Inc.
Bosbn, MA
Key Beek
Albany,NY
ITEM DECRIPTION OTY. UNIT
Unit
If
Rem
Total
Unit
Rice
Item
Toth
Unit Item
Price Total
1. Annual Payments 5 e
16,615.0
83,W5.00
18,244.]8
'81'223.85
16,14].]5 00,]3895
2. Percentage Rate
6.85
5.50
5.25
3. Leena Rate Factor
0.22'13
0.2229
0.2208]2
4. Fee, If an
none
none
TOTALAMOUNT BID
5030]5.00
501229.85
$80]%]5
G.E. Capital Public Fin.
Emn Prairie MN
GOA. Capital Corp.
Austin, Texas
-
ITEM- DECRIPTION
OTY.
I UNIT
Unit
Rice
Item
Total
Unit Rem
Ptice Total
1. Annual Payments
5
ea -
16159.42
80,]97.10
16,515.18 825]5.90
2. PerceMa a Rate
5.29
6.51
3. Lease Rate Factor
0.22113
0.220
4. Fee, If my
none
1096.00
TOTAL AMOUNT BID
80]97.10
$8 575.90