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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of April 7, 1992 <br />TO: Honorable Mayor and City Council <br />FROM: Richard E. Acevedo, Finance Director <br />SUBJECT: City Council Approval for the City Manager to Date: March 19, 1992 <br />Sign Lease Purchase Documents for Purchase of <br />Front Loader for Public Works/Streets Division. <br />BACKGROUND: <br />The City Council awarded a bid for the lease purchase of a front <br />loader for Public Works Streets Division at the February 18, 1992 <br />City Council Meeting. The City Attorney reviewed the lease <br />documents and determined that City Council action is required to <br />authorize the City Manager to sign them. <br />FINANCIAL IMPACT: <br />Signing the lease documents will commit the City of Colton to a <br />debt of $93,106.60 to be paid in ten semi-annual payments of <br />$9,310.66. <br />RECOMMENDATION: <br />Staff recommends that the City Manager receive City Council <br />approval to sign said lease documents <br />Report prepared by Ken Pete s n, era P,Ser_v ces Manager <br />CITY MANAGER CONCURRENC <br />Attachments: Sample of Subject Lease Documents <br />Page 1 of --- <br />Item No. 0 <br />