Ordinance No. 1521 2019

Enter into a bank qualified lease-purchase agreement with Branch Banking and Trust for purposes of acquiring a dump truck with upfit for the use of the City pursuant to a COSTAR contract exempt from the public bidding, with no pledge of full faith and credit and taxing power of the City as security for repayment, and non-appropriation clause which terminates the lease if payments are not appropriated by the City, containing full payment terms which are less in duration than the useful life of the vehicles being leased, said agreement to require interest payments at rates set forth in the attachment for a five (5) year term for a maximum lease amount of $147,559.31