Laserfiche WebLink
Regular Council Meeting <br />2/15/93 <br />I'age Eight <br />Ivlr. Brett said he received a letter from Tom Dauchy (from Emergency One) which said <br />the city may disregard the lease purchase paperwork--it has already been signed, and <br />since it was an option and not a must, there will be no penalty for doing this. He <br />dvanted to malce sure that Council is proceeding with getting the legislation prepared. <br />Mr. Diemert asked if there was a deadline with the company. <br />Ivir. Brett said just the pick-up date; they'll want a check. We can advance the funds and <br />let the proceeds from the note replenish that. <br />Mayor Rinker asked Mr. Brett to explain for the record and the members of the <br />audience the two basic options and why he elected the one he has. <br />Mr. Brett said they looked at four options essenHally and got down to some form of <br />collateralized loan from a private financial institution whereas your short-term notes. <br />After discussing it at great length with the administration and Council, he <br />recommended they issue short-term notes for the payment of the fire apparatus in the <br />amount of $390,000. In short, he thought it was an opportunity, possibly, to make a net <br />profit on the interest revenue as opposed to incurring an interest expense and he macie <br />that recommendation. Mr. Brett said he explained this to Council in a memo form. <br />Mr. Flynn asked if this vehicle had any special equipment. <br />Chief Mohr said most ladder trucks go for half a million dollars. <br />Mayor Rinker said it combines two functions into one. <br />Chief Mohr said the truck we are acquiring will meet current and future needs based on <br />what our ordinances are now. <br />Motion to approve an expenditure of $2,500 to the Mayfield Township Historical <br />Society (Annual Allocation) <br />Mr. Basile, seconded by Mr. Ferrante, made a motion to authorize the expenditure of <br />$2,500 for the annual allocation to the Mayfield Township Historical Society. <br />Mr. Busa said it is a worthy cause. <br />ROLL CALL: AYES: All <br />NAYS: None Motion Carried <br />Expenditure Authorized