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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