R 4280 RESOLUTION NO. 4280
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARROYO GRANDE AUTHORIZING THE CITY
MANAGER TO EXECUTE A LEASE PURCHASE
AGREEMENT WITH OSHKOSH CAPITAL TO PURCHASE
ONE 100 -FOOT QUINT AERIAL PLATFORM FIRE
APPARATUS
WHEREAS, the City of Arroyo Grande was awarded a Federal Emergency
Management Agency Assistance to Firefighters Grant to replace the City's existing 1987
Van Pelt Aerial Apparatus; and
WHEREAS, the City has determined that the purchase of a Quint 100 Foot Aerial
Platform from Peirce Manufacturing, Inc. would best meet the needs of the community;
and
WHEREAS, the City has determined it is in the best interests of the City and the citizens
it serves to secure lease - purchasing financing for the fire apparatus.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Arroyo
Grande that the City Manager is hereby authorized to execute a Purchase Agreement
with Pierce Manufacturing Inc. for one 100 -Foot Quint Aerial Platform Fire Apparatus in
the amount not to exceed $930,000 and execute a Lease - Purchase Agreement with
OshKosh Capital.
On motion of Council Member Costello, seconded by Council Member Fellows, and on
the following roll call vote, to wit:
AYES: Council Member Costello, Fellows, Guthrie, and Mayor Ferrara
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 25 day of May 2010.
RESOLUTION NO. ifl o
PAGE 2
TONY FF A, MAYOR
ATTEST: 9
i
K ELLY ET,' RE, CITY CLERK
APPROVED AS TO CONTENT:
N AB • S, CITY MANAGER
APPROVED AS TO FORM:
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TI OTHY((J�� ��RMEL, CITY ATTORNEY
Attachment 1
AERIAL PLATFORM FIRE APPARATUS LEASE PURCHASE
PAYMENT SCHEDULE
Compound Period: Annual
Nominal Annual Rate: 3.610%
CASH FLOW DATA:
Event Date Amount Number Period
1 Loan 5/26/2010 925,607.01 1
2 Payment 1/26/2011 774,844.00 1
3 Payment 1/26/2012 38,478.35 5 Annual
AMORTIZATION SCHEDULE - Normal Amortization
Date Payment Interest Principal Balance
5/26/2010 925,607.01
1 1/26/2011 774,844.00 22,428.85 752,415.15 173,191.86
2 1/26/2012 38,478.35 6,252.23 32,226.12 140,965.74
3 1126/2013 38,478.35 5,088.86 33,389.49 107,576.25
4 1/26/2014 38,478.35 3,883.50 34,594.85 72,981.40
5 1/26/2015 38,478.35 2,634.63 35,843.72 37,137.68
6 1/26/2016 38,478.35 1,340.67 37,137.68 0.00
Grand Totals 967,235.75 41,628.74 925,607.01
OFFICIAL CERTIFICATION
I, KELLY WETMORE, City Clerk of the City of Arroyo Grande, County of San Luis
Obispo, State of California, do hereby certify under penalty of perjury, that the attached
Resolution No. 4280 is a true, full, and correct copy of said Resolution passed and
adopted at a Regular meeting of the City Council of the City of Arroyo Grande on the
25 day of May 2010.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 26 day. of
May 2010.
di / (11440\-
KELLY ET ORE, CITY CLERK