HomeMy WebLinkAbout03-09-2012 Special Called Meeting
Peachtre~ City City~ou~.(;il
MINUTES or SPECIAL CALLED MEEffNG
. Mench 9, 20i2
8:15a.m.
The Peachtree City City Council met for a special called meeting on Friday, March 9, 2012, in
City Hall Council Chambers. The purpose of the meeting was to consider proposals for the
Capital Equipment Lease. Mayor Don Haddix called the meeting to order at 8:15 a.m. Other
Council Members attending: George Dienhart, Vanessa Fleisch, Eric Imker, and Kim Learnard.
Financial Services Director Paul Salvatore asked Council to approve a resolution accepting the
proposal from Chase Equipment Finance to provide the loans to purchase the equipment in the
City's Public Improvement Program. Salvatore said 12 banks were asked to bid on a multi-year
contract, and four responses were returned. Only one of those responding gave a formula for
more than one year, adding the formula was good for two years and the bank also had the
lowest interest rate. He continued that, for five-year loans, the interest rate was 1.34% and the
rate for seven-year loans was 1.61 %. He added those were great tax-exempt rates for financing
equipment. The documents for the master lease would be ready the next week.
Imker moved to approve the resollJtion to accept the proposal from Chase Equipment Finance.
Learnard seconded. Motion carried unanimously.
There being no further business, Fleisch moved to adjourn the meeting. Learnard seconded.
Motion carried unanimously. The meeting adjourned at 8:17 a m.