Title
A resolution to approve entering into a five year lease agreement with purchase option with Ricoh for mail postage machine
Summary
Description of Topic: (who, what, where, when, why and how much)
A resolution to approve entering into a five year lease agreement with purchase option with Ricoh for mail postage
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
__X__ Budgeted in Fiscal year 2017 Budget under account #_01-620-7015__ for $_7,030_ and described in budget as __Mailing Machine Capital Lease___.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, General Government's postage machine lease contract with Pitney Bowes expires on October 29, 2016, and
WHEREAS, Ricoh is offering a more cost effective lease agreement for five (5) years with a purchase option in the amount of $ 639.11 per month at 7.32% annual interest rate.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves entering into a five year lease agreement effective October 30, 2016 with Ricoh for the mail postage machine and bulk mail postage machine as described in the attached lease agreement, which is made a permanent part of this resolution.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.