Discussion and possible action to authorize Webb County to enter into a Thirty-Six (36) month heavy equipment lease-purchase agreement with Caterpillar Financial Services Corporation for Three (3) Caterpillar backhoe loaders and Two Caterpillar (2) motor graders, at a monthly rental rate of $9,246.31, in a total sum not to exceed $332,867.16, with an initial rental payment of $9,246.31 as a security deposit due upon approval and execution of the lease agreement, subject to annual budget appropriation, and authorizing the County Judge to execute any and all relevant documents; and any other matters incident thereto, and applicable to record the required budget adjustments for the debt service and road bridge fund. [Requested by Jose Luis Rodriguez, Road and Bridge Superintendent, Account #010 Road and Bridge and Fund #600 Debt Service Fund]
Issue: The previous 36 month lease signed on 04/24/13 has expired.
Solution: Approval of new lease is required.
Result: Webb County Road and Bridge Department will be able to accomplish its objectives.