Res 119-2011 12/20/2011
RESOLUTION NO. _119-2011_
Resolution Awarding A Bid For A Six-Year Capital Lease Purchase
To Pinnacle Public Finance For Various Fire Apparatus In A Total
Amount Of $1,519,585.56
WHEREAS, the City Council desires to purchase various pieces of fire
apparatus in the amount of $1,466,854 through a six-year capital lease/purchase
agreement;
WHEREAS, the City received bids from qualified financial institutions for this
capital lease on December 12, 2011; and
WHEREAS, the City Council finds that Pinnacle Public Finance is the lowest
responsible bidder for this capital lease.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The bid for a six-year capital lease purchase for various fire apparatus is hereby
made to Pinnacle Public Finance in the total amount of $1,519,585.56, and the City
Manager is authorized to execute all documents necessary to effectuate said lease
purchase.
th
PASSED AND APPROVED this the 20 day of December, 2011.
______________________________
M A Y O R
ATTEST:
____________________
City Clerk
Fire Ladder Truck Capital Lease
Principle Amount $ 1,466,854.00
Interest # of Payment Payment
Vendor Location Rate Payments Amount Total
Pinnacle Public Finance Scottsdale, AZ 1.57% 6 $ 253,264.26 $1,519,585.56
SunTrust Leasing Towson, MD 1.65% 6 $ 253,777.40 $1,522,664.40
Corp
Branch Banking & Trust Charlotte, NC 1.65% 6 $ 253,712.03 $1,522,272.18
Company
Sovereign Santander Scottsdale, AZ 1.62% 6 $ 253,544.45 $1,521,266.70
American National Wichita Falls, TX 2.74% 6 $ 267,772.41 $1,606,634.46
Leasing Company
Daimler Truck Financial Fort Worth, TX 2.54% 6 $ 258,730.50 $1,552,383.00
DID NOT
First National Bank Wichita Falls, TX 2.97% 6 MEET SPECS
DID NOT
Carlyle Capital Markets Dallas, TX 2.45% 6 MEET SPECS