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File Number: 14-197 <br />payment of the lease. Future lease payments will be scheduled and funded in the same <br />manner. <br />The City has used lease/purchasing financing in the past to acquire fire apparatus and <br />computer hardware/software. As in this case, the lender purchases the equipment and then <br />leases it to the City for a specified period (3 years). At the end of the lease period, the lender <br />sells the equipment to the City for $1 and the City becomes the legal owner. This lease meets <br />the City’s purchasing policy and meets the State’s bid . The municipal lease includes all <br />necessary equipment/outfitting, not including the cost of the computer. Through the <br />competitive bid process, San Leandro Ford’s pricing was below the state bid pricing . <br />No additional fiscal impact will be noted since the funding for police vehicles has been <br />appropriated for FY 2013-14. The first payment is due June 16, 2014, after commencement of <br />the lease. Staff anticipates that a lease program can save on vehicle maintenance costs over <br />time, since the vehicles are replaced sooner, which thereby requires less funding to maintain <br />aging vehicles. <br />PREPARED BY: Greg Lemmon, Police Captain, Police Department <br />Page 3 City of San Leandro Printed on 5/27/2014