The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2021-142
Approving Purchase / Lease of “2015 Case IH Magnum 180 tractor” from Scherrman’s Implement Monticello
WHEREAS, The City of Monticello Public Works Department. has proposed the purchase of a 2015 Case IH Magnum 180 tractor and has presented the Council with information about the proposed purchase, and
WHEREAS, The Public Works Department finds that the tractor could be used by the City on various projects and tasks, and
WHEREAS, The proposed 2015 Case IH Magnum 180 tractor can be purchased over time with a Purchase/Lease Agreement that will allow the cost of the equipment to be spread over 4 years with a down payment of $5,000 and annual payments that will total $7,948.38 per year, and
WHEREAS, the Public Works Department. estimates the life of the 2015 Case IH Magnum 180 tractor to be approximately fifteen (15) years, and
WHEREAS, at the end of the lease term the 2015 Case IH Magnum 180 will be owned by the city.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of the purchase of a 2015 Case IH Magnum 1800 tractor as proposed with a down payment of $65,000 and annual payments over 4 years at $7,948.38 per year, after which the City will own the tractor.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 15th day of November, 2021.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk