San Diego Enters Into Leasing Agreement With Chase Equipment Finance
SAN DIEGO The City of San Diego’s city council unanimously approved the proposal to enter into a master lease agreement with Chase Equipment Finance to fund vehicle and equipment purchases during 2011 and 2012.
SAN DIEGO – The City of San Diego’s city council unanimously approved the proposal to enter into a master lease agreement with Chase Equipment Finance to fund vehicle and equipment purchases during 2011 and 2012. This decision comes after the City decided to go with managed competition for fleet maintenance services on February 1.
City council meeting records show that the agreement with Chase Equipment Financing was not to exceed $9.6 million to fund the City’s fleet replacement needs in fiscal year 2011, and $12.6 million in fiscal year 2012, and that the interest rate will not exceed 6 percent annually. The records also stated that the mayor must consult with the city council before financing the acquisition of additional vehicles and/or equipment under the agreement.
In the previous Government Fleet article (linked to above), we noted that the Fleet Services Department, which maintains more than 4,000 city-owned vehicles, including police cars and fire trucks.
By Greg Basich
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