HomeMy WebLinkAboutReso 1984-11752
Revised 9/ 5 /84
RESOLUTION NO.
ll752
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA ACCEPTING BIDS AND AWARDING MUNICIPAL LEASE
AND OPTION AGREEMENT TO SECURITY PACIFIC CAPITAL
MARKETS GROUP
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, on July 24, 1984, the City Council approved the
acquisition of data processing equipment from Burroughs Corpora-
tion and financing through a third party lease purchase arrange-
ment, and
WHEREAS, the Finance Department has solicited bids
interested third party financial institutions and received
following three bids:
from
the
Quarterly Effective
Nwnber of Payment Total of Present Interest
Firm Term Payments Amount Payments Value Rate
Security Pacific 5 yrs 20(1) $10,068 $201,360 $149,897 10.37%
First Municipal Leasing 5 yrs 20 (1) $10,100 $202,000 $150,265 10.53%
San Diego Trust 5 yrs 20(2) $ 9,920 $198,040 $151,734 10.82%
(1) Payment in arrears, i.e. payments are due at end of quarter.
(2)
Payments in advance, i.e. payments are due at beginning of quarter.
and
WHEREAS, the lowest and most responsible bid was sub-
mitted by Security Pacific Markets Group.
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Chula Vista does hereby accept the three bids and does
hereby award the Municipal Lease and Option Agreement to Security
Pacific Capital Markets Group.
BE IT FURTHER RESOLVED that the Mayor is hereby autho-
rized and directed to execute said agreement for and on behalf of
the City of Chula Vista.
Presented by
Approved as to form by
L an Christopher, Director
of Finance
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
'HULA VISTA, CALIFORNIA, this
Hh
day of
September
9 84-
, by the following vote, to-wit:
YES: CounciZmen Malcolm, McCand 1 i 55, Scott, Moore, Cox
AYES: Counci Zmen None
BSTAIN: CounciZmen None
BSENT: CounciZmen None
rTEST
Mayo
¡J~~ tf ~t:lÁ"¿.u.¿t.¿U
Deputy City CZerk
¡¿~
the City of ChuZa Vista
rATE OF CALIFORNIA
)UNTY OF SAN DIEGO
[TY OF CHULA VISTA
)
)
)
55.
I, PATRICIA A. GUARDACOSTA. DEPUTY CITY CLERK of the City of ChuZa Vista,
¡Zifornia, DO HEREBY CERTIFY that the above and foregoing is a fuZZ, true
¡d correct copy of
RESOLUTION NO. ll752
. and
'at the same has not been amended or repeaZed.
.TED
Deputy City CZerk
(SEAL)
60 (pag)