HomeMy WebLinkAbout110-88RESOLUTION NO. 110-88
A RESOLUTION OF THE DANVILLE TOWN COUNCIL AUTHORIZING
THE APPROVAL OF A MUNICIPAL LEASE PURCHASE
AGREEMENT WITH CHRYSLER PUBLIC FINANCE CORPORATION
WHEREAS, the Town of Danville Maintenance Services Division
requires certain vehicles and equipment in order to properly
perform its functions; and
WHEREAS, the Town of Danville has determined that the most
economical manner of financing the purchase of such vehicles and
equipment is through the mechanism of a lease/purchase
agreement; and
WHEREAS, on approximately July 6, 1988, the Town solicited bids
for such a financing plan, and received four bids in response;
and
WHEREAS, the lowest responsible bidder responding to such
solicitation was the Chrysler Capital Public Finance Corporation
hereinafter, "Chrysler"); and
WHEREAS, the Town and Chrysler have negotiated a form of
Equipment Lease/Purchase Agreement which calls for a total
amount of approximately $252,272.17 to be financed over a five
year period; and
WHEREAS, at the end of said lease finance term, the Town shall
be entitled to purchase such vehicles and equipment for the sum
of $1.00; and
WHEREAS, said equipment Lease/Purchase Agreement incorporates
and contains appropriate Tax Designations and Covenants and an
Escrow Agreement; and
WHEREAS; the approval and execution of said Equipment
Lease/Purchase Agreement is in the interest of the health,
safety and welfare of the citizens of the Town of Danville;
NOW, THEREFORE, BE IT RESOLVED, by the Town Council of the Town
of Danville, that the Town Manager is hereby authorized to
execute, on behalf of the Town, as Municipal Equipment Lease
Purchase Agreement with Chrysler Capital Public Finance-
Corporation, in the form as lodged with the City Attorney,
together with such changes as may hereafter become necessary,
provided such changes do not materially increase the obligations
of the Town thereunder.
PASSES, APPROVEDAND ADOPTED by the Town Council at the Town of
Danville on October 3 ,1988 by the following
vote:
AYES;
Greenberg, Jagger, Ritchey, Schlendorf
NOES; None
ABSENT; None
ABSTAIN; Lane
MAYOR