HomeMy WebLinkAbout1999 01 11 Regular Item C
COMMISSION AGENDA
ITEM C
Consent
Informational
Public Hearing
Regular X
January 11, 1999
Meeting
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Mgr. 1 Dept.
Authorization
REQUEST: City Manager requesting the Commission to authorize the placement of the
Fire Rescue vehicle loan to the lowest and best bidder.
PURPOSE: This agenda item is needed in order to have the Commission to award the
loan for the fire rescue vehicle to the lowest and best bidder.
On November 9, 1998 the Commission awarded the bid to purchase the rescue vehicle
from Aero Products in the amount of $134,568 and authorize the City Manager to seek
bids for a five-year loan.
The City's financial advisor has requested bids from five lending institutions and will be
at the City Commission meeting Monday night to provide the Commission with the
results of the bid and a recommendation as to the lender with the most advantageous
terms and conditions.
FUNDING:
Funding of the loan will be provided through the Fire Rescue Transport Fund at an
estimated annual cost of around $30,000. The exact amount ofthe annual payments will
be available Monday night.
RECOMMENDATION:
It is recommended that the Commission receive the results and recommendation of the
City's Financial Advisor and authorize the placement of the loan with the lowest and best
bidder.