City Council approves purchase of street sweeper, asphalt patch truck

The city’s request for proposal drew the interest of four financing companies; Bank of America responded to the city’s request but was unable to provide a competitive proposal for a government leasing package, according to Wilkinson’s report.Interest rates from the other ranged from 5.325 percent to 7.250 percent, but LaSalle - which has the lowest interest rate at 5.110 percent - was the only one that offered an escrow account service as well as interest available to the city from the escrow period of approximately 5 percent.As Chicago-based LaSalle offers the “Best interest rate, the best leasing factor, a choice between payments in advance and in arrears, and an escrow period during which the city will draw interest, staff recommends,” cutting the deal, Wilkinson reported.The heated asphalt patch truck will cost $113,420 and the street sweeper $133,138. The purchase is rolled into a LaSalle National Financing Co. package of $1,161,882 that pays for the purchase of other equipment to allow the city to implement the recycling program. The other components in the finance package cover three auto side loader collection trucks, and 12,200 residential trash carts.The city’s present street sweep is aging and was recently out of service for repair; the use of street sweepers is not only cosmetic as they also help keep gutters cleared for the Stormwater Quality Maintenance program.