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2' <br />with implementation of the Regulated Recyclable Materials Ordinance) at a very favorable interest <br />rate of 3.75 %. Staff believes that financing in the 4% range should be obtainable in view of prevailing <br />low interest rates. Five -year debt financing of this equipment will spread the cost impact over its <br />useful life and will preserve additional short-term cash resources in.the Solid Waste Enterprise Fund. <br />RECOMMENDATION(S): The Manager recommends that the Board: 1) award bid number 245 to <br />Volvo and GMC Truck Center of Carolina of Charlotte, North Carolina at a delivered cost of $161,754; <br />2) authorize the Purchasing Director to execute the necessary paperwork; and 3) authorize the <br />Finance Director to solicit and execute all administrative actions and documents associated with <br />completing an appropriate installment financing agreement for this equipment with a local financial <br />institution. <br />