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CONSENT AGENDA <br />and allow all three vendors submitted standard frameto be considered. <br />The current fleet of carts in use at Sandridge are Yamaha. The per cart price of $3,685 is just $110 <br />per cart more than our purchase price in 2010,;while the per cart trade-in price is $850 more than <br />received in 2010, providing a net per cart price decrease of $740 per cart compared to our <br />previous bid. <br />SOURCE OF FUNDS: <br />Funding for this expense will be provided by an interfund loan from the General Fund in the <br />amount of $254,500. Staff is proposing a four-year repayment period with a 2.0% interest rate. <br />This interest rate is higher than earnings on the current investments of the General Fund, and <br />likely less than the rate that the County would be charged if borrowing from an outside lender. <br />This loan does not result in a subsidy from the General Fund to the golf course. In fact, this <br />arrangement benefits both funds. The financial independence of the golf course is maintained, <br />while the General Fund receives a higher interest rate on the investment of surplus cash. <br />Based upon the four-year term and 2.0% interest rate, annual debt service payments would equal <br />$66,257 (please see amortization schedule attached). Due to the decreased price, this is only <br />slightly higher than the debt service payment•for the current set of golf carts ($60,723), which was <br />financed over a six-year period. Staff recommends a four-year amortization as this amount aligns <br />with the warranty period on the carts. Therefore, this loan should be repaid prior to the need to <br />replace the new carts. <br />�`^ {+3 -.+,x -,tea. �3'=us2TY�f' �i�y, <br />Account Numb�;er:� <br />cV=P-: sf.�? �`huw-/ "4{�"��r': ��A.';4T a_. _ g•�:-'mac �<rtP.� �kJ'{e'-r` a.">+�:?"�„ <br />iv brio ntADescri tiona � �W_.,-�4't „ 1.4-4 <br />. ..r.�..�.... .� p. � ��.,..�:�.:��� ''�.=}-�::=�.�.� ��_ <br />q: ''?s --g3 �'h'.ry <br />kBifilrO Amount• <br />�:-.�..�. b.,, .���.<_@..,.z <br />418-166002 <br />Golf Course/ Other Equipment <br />$254,500 <br />RECOMMENDATION: <br />Staff recommends the Board waive the technicality of the aluminum frame bid specification, <br />approve award to the lowest responsive and responsible bidder, Yamaha Golf Car Company and <br />authorize the Purchasing Division to issue a Purchase Order to facilitate the fleet update. Staff <br />also recommends the Board declare the 150 carts and one range cart which will be identified as <br />excess equipment upon delivery of the new carts as surplus and authorize their trade in to Yamaha <br />as indicated in the bid. Additionally, staff recommends an interfund loan from the General Fund in <br />the amount of $254,500 to be repaid over a four-year period as shown in the attached <br />amortization schedule. <br />ATTACHMENT: <br />Amortization Schedule <br />APPROVED AGENDA ITEM <br />BY: <br />FOu <br />Jose. A. Baird, County Administrator <br />November 17, 2015 <br />Indian River Co <br />A ed <br />Date <br />Admin <br />t►ObS <br />Legal <br />kt%SID <br />L1'(GO -tr-- <br />Budget <br />I i,7/s, <br />Department <br />// i <br />Risk <br />93 <br />