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Special Council Meeting 1/7/93 <br />Page 3 <br />Mr. Rinker asked if he was saying that if our investment future is positive we stand to <br />have a positive income (as high as $7,000 more) because we would earn more money <br />and if it is not so good then we could end up paying $7,000 more than if we paid it out <br />right now. <br />Mr. Brett said that is correct. He does not think they will get much more than 8% <br />interest or much less than 4% averaged out over the next six years. <br />Discussion was held. <br />Mr. Fixler said since this is a lease package, is there a buy-out price at the end of this <br />lease? <br />Mr. Brett said his understanding is that it is the standard one dollar buyout. He will <br />review the contract before they vote to be sure. <br />Mr. Fixler asked if he considered doing it on a descending so the interest rates are <br />higher on the first year as the latter. Have you done a computer calculation to equal <br />those out? Does it work one way differently than another. <br />Mr. Brett explained according to the lease package, the rent is due annually in arrears. <br />The first payment will be due one year from the date of purchase. <br />1VIr. Fixler said since payments will be on an annual basis he does not think it would <br />make a difference (regarding his question about descending.) <br />Discussion was held. <br />Mayor Pietrafese mentioned the Service Building debt will retire this year. <br />Mrs. Cinco asked which truck will be retiring. <br />Chief Mohr said the Ford/Young 1968 Pumper (613.) <br />Mayor Pietrafese said he thinks we should sell the old pumper for whatever we can get <br />out of it. <br />Mr. Brett said the Village can advertise for free in the Cities & Villages publication. <br />Mr. Ferrante said Chief Mohr said he plans to add equipment to this truck, how much it <br />will cost?