HomeMy WebLinkAboutAgenda Statement 1981/12/15 Item 8COUNCIL AGENDA STATEMENT
Item 8
Meeting Date 12-15-81
ITEM TIT~E: Resolution ~0 7/ZAccepting bid and approving Lease/Purchase
for Word Processing Equipment with Bank of America
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SUBMITTE BY: Director of Finance (4/5ths Vote: Yes No )
On October 20, 1981, the City Council approved Resolution 10672 accepting
the bid of Wang Laboratories, Inc. for the Lease/Purchase of Word Processing
Equipment. Therefore, it is my
RECOMMENDATION:
That the City Council adopt the attached Resolution approving the Lease/
Purchase Agreement with Bank of America, N.T.€x S.A.
BOARD AND COMMISSION RECOMMENDATION: Not Applicable
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On October 15, 1981,1etters of Request for quotation for financing the
Lease/Purchase of Word Processing Equipment were sent to Crocker National
Bank, Security Pacific National Ban k, and Bank of America.
The only bank responding to our request was the Bank of America. They
quoted an interest rate of 10% with no down payment required and three
equal annual payments including principal and interest of $20,569.63
with total interest over the three-year period of $5,688.89.
Due to the fact that we have just received the Word Processing Equipment
on December 7, 1981, the payment schedule assumed in their quotation will
have to be adjusted accordingly. However, the dollar amounts will still
be very close to the bid quotation.
FINANCIAL IMPACT: There are adequate funds budgeted in Account 100-214-5566.
by the City Ct~!as~ci{ of
Chu{a Vista, C iiior~iia
Dated ~=~ ~ ~ ~
Form A-~13 (Rev. 11/79)