HomeMy WebLinkAbout000743 RESOLUTION FOR FINANCING LINE
000743
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Reaolutioo < F'nancing Un< (no dolO listed)
ReIOlution.or 1
Reconl<d for: City of 1WlbuTl!
BLAIRO,KAYE aAAJ
Ex-Offido Recorder Deputy
RESOLUTION FOR FINANCING LINE
It is hereby resolved by the City of Rexburg, City Council, to acquire
and finance various equipment through a $40,200 equipment financing
line with the KEY Bank to include the following:
Number Equipment Estimated Cost Down Payment Financing
4 Computer CRTs $ 4,800 $ 2,400 $ 2,400
2 Police Cars $32,400 $14,600 $17,800
1 Dump Truck $20,000 $10,000 $10,000
1 Tractor/Mower $20,000 $10,000 $10,000
TOTAL $77,200 $37,000 $40,200
Terms of This $40,200 Equipment Financing Line
Interest- Interest rate to be fixed at 1EL-' of the J~pr'~ ~RP
Prime Rate at the time of closing if the
particular loan being closed has a balance being financed
of $20,000 or more.
or
Interest rate to be fixed at 2E., of the L~5 CCt-.s-e...
Prime Rate if the particular loan being
closed has a balance being financed of less than $20,000.
The T~r's RrI~
at .liWlQ'l>.
Prime Rate is presently
Down Payment & Terms for Repayment- To be
particular loan between the
Richard Horner, city Treasurer.
negotiated
KP,y
for each
Bank and
This $40,200 equipment financing line is committed through 9-30-91.
Nile L. Boyle, Mayor, is authorized to sign the necessary documents on
behalf of the City of Rexburg.