R2008-146 2008-11-17RESOLUTION NO. R2008-146
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 ALEASE/PURCHASE AGREEMENT
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 SunTrust Equipment
Finance and Leasing Corp., to finance up to $1,000,000 at a fixed rate of 3.68% for seven
(7) 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 this the 17t" day of November, A.D., 2008.
TOM REID
MAYOR
ATTEST:
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JG Ng, C ~~~-
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SE ETARY
APPROVED AS TO FORM:
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DARRIN M. COKER
CITY ATTORNEY