Title
Approval of a Resolution to Authorize a Master Lease Agreement with the Georgia Municipal Association (GMA) Inc. and approval of the Georgia Municipal Lease and Addendum for the purchase of Fire Apparatus in the amount of $1,650,000.
Presented by Keith Lee, Director of Finance
Body
Item Summary:
To facilitate the lease arrangement, the GMA manages a Direct Lease Program. GMA has quoted a rate of 2.140% with a ten year term. The City intends to replace one fire engine ($450,000) and one ladder truck ($1,200,000) for a total cost of $1,650,000. The annual payment is $181,160.03, and at the end of the Lease the City will purchase the apparatus for $1.
Committee or Staff Recommendation:
On July 10, 2012 the Administration and Finance Committee recommended placing this Item on the July 23, 2012 Mayor and Council Agenda.
Financial Impact:
$187,000 is approved and available for the annual lease payment in Organizational Unit 35035101, Object 581100.
Presented by:
Keith Lee, Director of Finance