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CITY OF COLTON <br />D AGENDA REPORT . <br />For Council Meeting <br />TO: HonoraWe Mayor and City Council <br />FROM. Leslie A. Keane A <br />1988 <br />ssistant City Manage <br />SUBJECT: FINANCING FOR FISCAL YEAR .1988-89 G <br />FUND VEHICLESENE AL Date; 8/30/88 <br />During considerationofthe 1988-89 budget, the <br />authorized the lease purchase of General Fund vehicle Council <br />Since .that time le equipment. <br />programs.as well asaavailablevCited existin <br />g leasing and bond pool <br />Purchase. The Electric Utility has1aveilabie, depreciation <br />the <br />which, will not be needed during the five-year .tion reserves <br />The lowest interest y fi lancing period, <br />7.5 ° '� approx.Lmatelrate quoted by outside; agen <br />0 <br />approximately 8.25%. $77,800 in interest. The <br />k.i RECOMMENDATION: <br />Staff recommends utilizing Cit <br />%.5o interest payable to the Electric Utility, <br />a <br />attached loan amortization schedule. <br />� <br />has been consulted and con ztg, ac <br />The Eiectri <br />concurs. <br />Report Prepared ]By: J. L. Youn <br />CITY MANAGERCONCURRENCE: <br />I: <br />r' Attachments: (1) <br />ge t ofd_ <br />contacted was <br />hest rate was <br />ve and paying the <br />rding to the, <br />Utility Director <br />is r <br />C)'5.- <br />Item. No.�_ <br />