07-0589R


RESOLUTION AUTHORIZING CITY OFFICIALS TO EXERCISE THE BUYOUT CLAUSE OPTION IN VEHICLE LEASES WITH KARI TOYOTA, INC., FOR FIVE 2005 TOYOTA MATRIXES IN THE AMOUNT OF $52,483.30.

BY COUNCILOR LITTLE:

     RESOLVED, that city officials are hereby authorized to exercise the buyout option in vehicle leases with Kari Toyota, Inc., for five 2005 Toyota Matrixes in the amount of $49,310 plus $3,173.30 (sales tax) for a combined total amount of $52,483.30, payable as follows:

     (a)  $22,052.30 from the Capital Equipment Fund 250, Department/Agency 015, Organization 2005, Object 5580, Project: CE250-V503 (Fire Vehicles 1502);

     (b)  $11,347.00 from the Capital Equipment Fund 250, Department/Agency 015, Organization 2006, Object 5580, Project: CE250-V603 (Fire Apparatus 1502);

    (c)  $19,084.00 from the Capital Equipment Fund 250, Department/Agency 015, Organization 2007, Object 5580, Project: CE250-V702 (Fire Vehicles 100).


STATEMENT OF PURPOSE:  This resolution authorizes the buyout option in vehicle leases with Kari Toyota, Inc., for five 2005 Toyota Matrixes in the amount of $52,483.30, payable from the capital equipment fund.


The city entered into each 36-payment lease in November of 2004; the buyout date for each is October 20, 2007.


The vehicles are driven by building safety trade inspectors, housing inspectors and the zoning coordinator. Requisition No. 07-0571