Agenda - 06-07-2005-5j - Laserfiche WebLink

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z The total cost of all equipment involved in these acquisitions is $687,507.. The County has $21,896 remaining from a prior financing arrangement that will be used toward purchase of the proposed equipment in this transaction. That leaves a total of $665,611 to be financed. The Finance Director obtained financing proposals from three institutions for financing that amount fora 59 month period. SunTrust bank offered the lowest interest rate of 3.22%. In order to accomplish the financing, the bank requires that the County adopt an official resolution authorizing the execution and delivery of the installment financing contracts and other documents, The resolution necessary to complete the financing has been reviewed by County staff and the County Attorney and is attached, including copies of the proposed amortization schedule, FINANCIAL IMPACT: As mentioned above, the total amount to be financed under the transaction with SunTrust is $665,611. At an interest rate of 3.22%, the amount paid annually would be $160,109. That amount is included in the County Manager's recommended budget for 2005-2006, with approximately $72,049 in General Fund debt service and $88,060 in Landfill Enterprise Fund debt service. RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution and authorize the Finance Director and County Attorney to execute documents as required to accomplish the financing with SunTrust Bank.