Discussion and possible action to authorize Webb County to enter into a 36 month heavy equipment lease-purchase agreement with Caterpillar Financial Services Corporation for One (1) Caterpillar backhoe loader and Two (2) Caterpillar motor graders, at a monthly rental rate of $6,719.93, in a total sum not to exceed $241,917.48, with an initial rental payment of $6,719.93, as a security deposit due upon approval and execution of the lease agreement, subject to annual budget appropriating, and authorizing the County Judge to execute any and all relevant documents; and all 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 Department 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.