2220 RESOLUTION NO. Ao
A RESOLUTION AUTHORIZING THE MAYOR TO APPLY FOR A
LOAN FROM FIDELITY NATIONAL BANK FOR THE PURCHAS OF
CURBSIDE CARTS FOR THE WEST MEMPHIS SANITATION
DEPARTMENT, AND FOR OTHER PURPOSES.
WHEREAS,the City of West Memphis is in need of purchasing curbside carts for the
Sanitation Department.
WHEREAS,the City of West Memphis will need to apply for a loan to be able to
Purchase the curbside carts; and
NOW,THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS,that the Mayor is authorized to apply for a
loan from Fidelity National Bank in the amount of$367,710.00 for curbside carts for the
West Memphis Sanitation Department.
ADOPTED this day of 2020
/C� /'-
Mt,RCO M Mc LENDON, Mayor
ATTEST:
PATRICIA LANE, Senior Deputy Clerk
RECEIV
By
2
Y RESOLUTION N0. 7 L Z
A RESOLUTION AUTHORIZING THE MAYOR TO APPLY FOR
AA LOAN FROM
DEPENDENT UPON THE BEST FINANC IN RATE
HER FIDELITY NATIONAL BANK •
SAR THE PURCHASE OF CURBSIDE CARTS FOR THE WEST MEMPHIS
SANITATION DEPARTMENT,AND FOR OTHER PURPOSES.
EP
WHEREAS,the City of West Memphis is in need of purchasing curbside carts for
the Sanitation Department at a com of$367.710.00:and
WHEREAS,the City of West Memphis will need to apply for a loan to be able to
Purchase the Curbside cans;and
NOW,THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WEST MEMPHIS,ARKANSAS,that the Mayor is authorized to apply
for a loan from Fidelity National Batik in the amount of$367,710.00 for curbside carts for
the West Memphis Sanitaatiioon/; daYDcpanment.
ADOPTED this
!(/U i of .2020
MAIICO M.MCCLENDON,Mayor
ATFEST:
JOYCE GRAY,City Clerk
4 of/aifao �� y�
ckL " AV
ganco�outh'
E4NMr�et Finan(M
1m12020
Sam Via Emall danielegisonayahoo corn
City of West Memphis,TH
It is a pleasure to submit for your consideration the following proposal to provide lease-purchase
financing based on the terms and conditions set forth below
1 Les BancorpSouth Equipment Finance.a
division of BancorpSouth Bank
2 Lasso City of West Memphis,Thl
3 EcilROM nt DescEME 7000 96 gallon Garbage carts
4 Eoaemeot Cost $367,71000
5. Lease Term 5 years
6 Lem payments. (These are approximate payment amounts The
actual payment will be determined at funding
date)
6o monthly payments of$6,679,41
Arrears
7 Lease Rate. 60-344%
6 Fund ria Date: This proposal is contingent upon the equipment
being delivered and the lease funded per to
.increase in current prime rate of 4.75% Any
extension of the funding or delivery date must be
in writing.
9 purchase Option. Title Is passed to Lessee at lease expfa9on for
no further consideration.
10 aueunds tona6on The lease provides that Lessee is to make reasonable
efforts to oldain funds a a96aty the obligation in each fiscal year However,the lease may be
terminated without penalty in the event of ren-appropriation In such event the Leasee