Title
Approval for the Mayor and/or City Administrator to sign a Georgia Municipal Association (GMA) Supplement Lease Agreement for two (2) Horton Fire Rescue Trucks in the amount of $333,516.
Presented by Keith Lee, Director of Finance
Body
Item Summary:
Funding for the purchase of two fire rescue trucks will be provided through the Georgia Municipal Association (GMA) Lease Program. The Master Lease Agreement was approved in August 2013 and this action will approve a "lease supplement" to the Master Lease Agreement for this purchase with a term of 7 years at an interest rate of 1.8% and annual payments of $50,233. The total interest paid will be $18,112.
Committee or Staff Recommendation:
On January 14, 2014 the Administration and Finance Committee recommended placing this Item on the January 27, 2014 Mayor and Council Agenda.
Financial Impact:
$56,989.75 is approved and available for the annual lease payment in Organizational Unit 10035101, Object 581100.
Presented by:
Keith Lee, Director of Finance