Agenda - 01-26-1981 - Laserfiche WebLink

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,.., 74i /wau.y) J1, , ,-.0„... . . ..., AGENDA ATTACHMENT 8 . . . ,. . , . . . MEMO ,. . „ - . . TO Sam Gattis, County Manager .- FROM: Mark H. Rees, Director of Purchasing and Central Services/401s- DATE: January 13, 1981 RE: Financing for County Vehicle Purchase t - •. ., I have received three responces to this department's recent request for - •.,; proposals for car financing through a lease purchase arrangement. All three companies will allow us to self—insure for collision and to negotiate . - a new interest rate if there is a significant drop in the prime interest rate. The results are summerized below. . • . .,,i . 1) First Municipal Leasing Corporation. . .. . Principal: c'$82,632.86 Payment Level: • $14,550.00 Total Payments: $116,400.00 Total Interest: $33,767.14 Interest Rate: 10.22% (Simple interest) , 2) Municipal Funding Corporation of America . . Principal: $82,632.86 Payment Level: : : $13,136.21 .. - Total Payments: $105,089.68 Total Interest: 22,456.82 Interest Rate: 6.79% (Simple interest) . , 3) First Continental Leasing Corporation . - Principal: $84,349.28* Payment Level: $12,326.66 7 : Total Payments $98,613.28 -.. Total Interest: • $13,648.98 '•• . Interest Bate: 4.02% (Simple interest) , 4. *The $2,331.44 difference between this company's principal amount and the amt the County needs financed is due to their policy of adding a fee on top of the interest. . , Copies of the Financing Company's terms for lease purchase have been sent to the County Attorney for his review. Pending his approval of the terms, I recommend the award of this financing to the First Continental Leasing , t Corporation on the basis of being the lowest responsible bidder. ' • • ' . ....... _ _.._