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FEB 21 1989 <br />Boor 76 WI 192 <br />TO: James Chandler DATE: February 16, 1989 FILE: <br />County Administrator <br />Approval of Amendment to <br />SUBJECT: Staff Recommendation for <br />Funding the Chief Paramedic <br />Vehicle Approved By Board of <br />County Commissioners on <br />February 14, 1989 <br />FROM: Doug Wright, Director REFERENCES: <br />Emergency Management Services <br />It is respectfully requested that the information contained herein <br />be given formal consideration by the Board of County Commissioners <br />at the next regular scheduled meeting. <br />DESCRIPTION AND CONDITIONS <br />On February 14, 1989, the Indian River County Board of County Com- <br />missioners approved a vehicle lease with World Omni Leasing, Inc., <br />for a period of 60 months at the rate of $286.05 per month with <br />up front costs of $736.21. The Chairman was authorized to execute <br />the necessary documents to effect the lease. <br />Since the Board approved the long term lease, the Department of <br />Emergency Management Services determined that the Florida National <br />Bank would provide the funds to purchase the vehicle with terms <br />of $286.00 for eleven months and a final payment of $12,772.05 <br />and $736.00 up front costs. The rate of interest would be 11% <br />per annum which is the prime rate. The total costs of the vehicle <br />will be $15,918 plus a small amount of interestthat will be accrued. <br />ALTERNATIVES AND ANALYSIS <br />This method of financing would be of benefit to the County since <br />the ALS funding from the Hospital is insufficient to purchase the <br />vehicle this fiscal year. The Department of Emergency Management <br />Services intends to budget for funding to pay the financial insti- <br />tution for the vehicle in the next fiscal year. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners approve <br />this alternative method of financing the Chief Paramedic vehicle. <br />This will preclude the County engaging in the long term lease and <br />reduce the costs of the vehicle from $17,163 to $15,918. <br />ON MOTION by Commissioner Eggert, SECONDED by Commis- <br />sioner Bird, the Board unanimously approved the <br />alternative method of financing the Chief Paramedic <br />vehicle as recommended by staff and set out above. <br />32 <br />