HomeMy WebLinkAbout88-088RESOLUTION NO. 88 - ~g
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
CLERK TO ENTER INTO AN AGREEMENT WITH THE
PORT TOWNSEND BRANCH OF U. S. BANK FOR
FINANCING POLICE VEHICLES PURCHASE
WHEREAS, on November 1, 1988, the City Council authorized
a purchase order for eight new police vehicles from state bid,
and,
WHEREAS, the 1989 Budget for the City of Port Townsend, as
adopted by Ordinance No. 2137, provides that the city shall ob-
tain funds for the purchase of these vehicles by loan, and,
WHEREAS, on December 6, 1988, the City Council authorized
the necessary documents be prepared to award the contract for
financing this purchase to U.S. Bank after due consideration of
alternative quotes, now, therefore,
BE IT RESOLVED, that:
The Mayor and City Clerk be authorized to execute an agree-
ment with the Port Townsend Branch of U. S. Bank based upon the
ithe conditions offered in their letter of November 30, 1988 for
!the purpose of financing the purchase of eight police vehicles
from the Equipment Rental Fund in the amount of $117,963.00
ito be repaid over a period of 36 months at an interest rate of
7.25% from the date of closing provided closing occurs before
March 1, 1989.
PASSED at a regular meeting of the City Council on December 20,
~988.
Attest:
City Clerk
ApproVed as to form:
May~