11/5/1980 (2) - Laserfiche WebLink

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PAT FLOOD, .JR., AS CHAIRMAN OF THE NORTH COUNTY FIRE DISTRICT ADVISORY COMMITTEE, APPROACHED THE BOARD AND ADVISED THAT THE SEBASTIAN VOLUNTEER FIRE DEPARTMENT WOULD PROVIDE THE DOWN PAYMENT FOR THE 1980 FIRE TRUCK, IF THE NORTH COUNTY FIRE DISTRICT WOULD CONSIDER PAYING THE BALANCE OF THE TRUCK. HE ADDED THAT THE INITIAL DOWN PAYMENT WOULD BE $9,500. MR. FLOOD THEN DISCUSSED THE BIDDING PROCESS. CHAIRMAN DEESON ASKED ABOUT THEIR PLANS FOR AQUISITION OF EQUIPMENT FOR NEXT YEAR. MR. FLOOD STATED THEY WOULD HAVE THE MONEY AVAILABLE FOR THAT PURPOSE; IF FOR SOME REASON THEY DID NOT, THEY WILL LOOK TO OTHER MEANS. LEROY PARKHURST APPROACHED THE BOARD AND EXPLAINED A PROPOSED LEASE AGREEMENT WHICH WOULD BE ON A YEAR TO YEAR BASIS. HE ADDED THAT SEBASTIAN VOLUNTEER FIRE DEPARTMENT WOULD PAY $9,500 DOWN, OR 20% OF THE PURCHASE PRICE OF THE TRUCK, AND THEN PAYMENTS WOULD BE MADE FOR 7 YEARS, ON 7�2,% SIMPLE INTEREST. MR. PARKHURST STATED THAT THE TRUCK CAN BE PURCHASED NOW AT $47,000, AND HE FELT IF IT WAS NOT PURCHASED NOW, IT WOULD BE OUT OF THEIR REACH ENTIRELY - THIS WOULD BE A CHANCE TO UPDATE THE EQUIPMENT FOR THE NORTH COUNTY FIRE DISTRICT. HE FURTHER EXPLAINED THAT THEY WOULD NOT BE BOUND TO THE TRUCK, EXCEPT YEAR TO YEAR; THEN AFTER 7 YEARS, THE TRUCK WOULD BE THEIRS. MR. PARKHURST FURTHER STATED THE LEASE AGREEMENT WOULD BE CANCELLED AT ANY TIME THAT THEY COULD NOT COME UP WITH THE MONEY. m MR. FLOOD THEN ASKED PERMISSION FROM THE BOARD TO GO TO DISCUSSION FOLLOWED ALONG THOSE LINES. ATTORNEY COLLINS COMMENTED THAT THEY HAVE COME WITH A PURCHASE AGREEMENT WHERE THERE IS --AN OBLIGATION TO PAY INTEREST, BUT THE DISTRICT CANNOT COMMIT FUTURE AD VALOREM TAXES, AND THEREFORE, CANNOT DO THIS. CHAIRMAN DEESON REITERATED THAT THE LEASE CANNOT MAKE ANY REFERENCE TO INTEREST PAYMENTS. 59 NOV 51900 Boa 45 E177