NORTH CAROLINA
EXECUTIVE SUMMARY
Meeting Date: 2/8/2010
AGENDA #5d
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TOWN OF CHAPEL HILL NORTH CAROLINA EXECUTIVE SUMMARY |
Meeting Date: 2/8/2010 |
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| Title of Agenda Item:
Award Contract for Financing of Vehicle Replacements for FY 2009-10. (R-4) Council Goal 4: Maintain and Improve Community Facilities and Services. |
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| Background: In accordance with the Town’s Vehicle Replacement Plan, requests for proposals for financing the purchases of vehicles were sent to nine financial institutions on January 21, 2010 and responses were requested on January 29, 2010. The proposals specified quotes for seven-year fixed rate installment payments on $1,604,000 for vehicles with an expected useful life averaging seven years. | |||
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| Fiscal Note: Based on the proposals received, we recommend accepting the low bid from SunTrust Leasing Corp. for the seven-year financing at an interest rate of 3.075%. The annual principal and interest cost of $1,795,171.32 will be paid by the Vehicle Replacement Fund through a charge-back to departments. | |||
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| Recommendations: That the Council adopt the attached resolution authorizing the execution of a financing contract with SunTrust Leasing Corp. for vehicles to be repaid over seven years. | |||
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| ATTACHMENTS: Viewing attachments may require Adobe Acrobat. |
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| Staff Memorandum | |||
| Resolution | |||
| Vehicle Replacement List | |||