R2004-206 12-13-04 RESOLUTION NO. R2004-206
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AWARDING A BID AND AUTHORIZING THE CITY MANAGER OR
HIS DESIGNEE TO ENTER INTO A LEASE/PURCHASE AGREEMENT
WITH FROST BANK FOR THE PURCHASE OF CAPITAL EQUIPMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City opened bids for lease/purchase financing of capital
equipment, and such bids have been reviewed and tabulated.
Section 2. That the City Council hereby awards the bid to Frost Bank, to finance
$280,600 at a fixed rate of 2.90% for three (3) years.
Section 3. The City Manager or his designee is hereby authorized to execute a
contract and Declaration of Intent for the Lease/Purchase of capital equipment.
PASSED, APPROVED and ADOPTED thisthe 13th dayof December ,
A.D., 2004.
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
TOM REID
MAYOR
05 lease financing Page 2 of 2
RECOMMENDED ACTION
Recommendation: Request authorizing the City Manager to enter in to a Lease Purchase Financing
Agreement with Frost Bank, Houston, Texas in the amount of 270,592.92 for a fixed rate of 2.90%
for 3 years with semi-annual payments of $47,429.14.
Finance Source Bids
Frost Bank, Houston, Texas
Chase Equipment Leasing & Bank One, Columbus Ohio
Wells Fargo Bank, Houston, Texas
Cal First Government & Education Group, Irvine, California
Bank of America, San Francisco, California
Comerica Leasing Corporation, Costa Mesa, Califomia
Ashford Capital Corporation, Atlanta, Georgia
National City Municipal Finance, Columbus, Ohio
Government Capital Corporation, Sugar Land, Texas
Rate
2.9O%
3.09%
3.14%
3.14%
3.15%
3.39%
3.45%
3.79%
4.93%