Title
Awarding bid for lease purchasing financing of a 2018 Freightliner M2-106-80 garbage truck for the Sanitation Department.
Body
Summary:
Bids were opened on Monday, April 16, 2018 for the financing of the 2018 Freightliner M2-106-80 Garbage Truck for the Sanitation Department. The City received 6 bids in response to the request for this financing. As requested, each bidder provided information for a 3-year term and 5-year term to compare options. The comparison is attached.
Bidder, Interest Rate, Monthly Payment, and Total Payment:
3-Year Term
City National Capital Finance @ 2.68%; $5,525.56/month; Total = $198,920
Signature Public Funding @ 2.98%; $5,550.76/month; Total = $199,827
US BanCorp @ 3.20%; $5,569.29/month; Total = $200,494
Capital City Leasing @ 3.710031%; $5,612.39/month; Total = $202,046
Carlyle Capital Markets - No Bid
Frost Bank - Vendor withdrew bid
5-Year Term
City National Capital Finance @ 2.85%; $3,418.03/month; Total = $205,082
Signature Public Funding @ 3.08%; $3,437.54/month; Total = $206,252
US BanCorp @ 3.40%; $3,464.79/month; Total = $207,887
Capital City Leasing @ 2.5012%; $3,499.02/month; Total = $209,941
Carlyle Capital Markets - No Bid
Frost Bank - Vendor withdrew bid
Fiscal/Budgetary Impact:
Based on the lowest cost option the City National Capital Finance 3-year lease - the current fiscal year’s cost would be $22,103 for the four months of June - September 2018. The lease financing cost for the first full year (next fiscal year) would be $66,307. The Fiscal Year 2017 - 2018 budget includes an amount of $35,000 in the General Fund, Account No. 10-402-4908 - Lease Purchase.
Recommended action:
Award bid for lease purchase financing of the 2018 Freightliner M2-106-80 Garbage Truck to City National Capital Finance for a 3-year term.