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City of Colton <br />Telephone Equipment Lease <br />Lessor <br />AT &T <br />Citizens Business <br />Bank <br />MPA <br />Leasing <br />Responded to request <br />for proposal <br />Yes <br />Yes <br />Yes <br />Requires Letter of Credit or <br />collateral <br />Yes <br />Yes <br />No <br />Bargain purchase <br />Option <br />$1.00 <br />$1.00 <br />$1.00 <br />Interest Rate <br />6.75% <br />5.92% <br />7.00% <br />Payment terms <br />Monthly <br />Quarterly in advance <br />Month) <br />Payment amount <br />$7,257.13 <br />$21,123.56 <br />$7,301.83 <br />Monthly <br />[equivalent <br />I N/A 1 <br />$7,041.19 <br />N/A <br />Equipment cost is $368,756.78 and payment terms are for five years <br />AT & T requires a Letter of Credit from a bank of their approval to do the lease. <br />Citizens Business Bank would only consider doing the lease if they could get unencumbered <br />assets, other than personal property or cash as collateral. <br />Prepared by Michael Williams 8/13/96 <br />59 <br />N <br />