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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of April 3, 1990 <br />TO: Honorable Mayor and City Council <br />FROM: Jerry Young, City Manager <br />SUBJECT: Award of Financing of a Refuse Vehicle to Date: March 27, 1990 <br />M.L. Stern & Co., Inc. at the Rate of $7.75%. <br />On December 5, 1990, bid award was made on a new refuse collection <br />vehicle for the City. This was to be accomplished by lease <br />purchase. <br />Staff has pursued various financing sources to find the best rates <br />available. We have determined that M.L. Stern & Co., Inc. is the <br />best source for financing this refuse vehicle. <br />The attached "Resolution Authorizing Municipal Lease and Option <br />to Purchase Agreement" is required to initiate the preparation <br />of the lease documents. Chelsea Capital Corporation is a sub- <br />sidiary of M.L. Stern & Co., Inc. and will be the actual lessor. <br />RECOMMENDATION: Staff recommends that M.L. Stern & Co., Inc. be <br />approved as the financing source and that the attached resolution <br />be approved. <br />Report prepared by K. L. Peterson, General Services Manager <br />/rg <br />Attachments: ( 1 ) Resolution <br />Page 1 of —.I Item No. <br />