Submitted By
Steven Drazner
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving a Capital Lease with FirstMerit Equipment Finance, Inc. in the Amount of $204,500 to Finance the Purchase of an Ambulance and Authorizing the Village Manager to Execute Any and All Documents for the Capital Lease
End
Overview
Overview
Fire Department anticipates delivery of ambulance in July 2016 and financing the purchase amount is desired prior to taking delivery. The purchase of the ambulance was previously approved on August 3, 2015.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
Expenditure budgeted in FY2015 but was not re-appropriated in FY16 budget. Therefore, supplemental appropriation will be required. Financing shall be a three year loan with total interest expense over the term of the loan estimated at $10,535.
Background
The purchase of the ambulance was previously approved on August 3, 2015 and after trade-in, is expected to have a net cost of $203,830.00. In addition, loan documentation fees charged by First Merit Bank will be $500.00.
Alternatives
Payment of equipment to be funded by drawing down reserves.
Previous Board Action
The purchase of the ambulance was previously approved on August 3, 2015.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A
Performance Management (MAP) Alignment
N/A