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• First National Bank — Equipment Certificate with a <br /> five year term and an interest rate of 2.99%. <br /> • Mid-Minnesota Federal Credit Union — Equipment <br /> Certificate with a five year term and an interest <br /> rate of 3.79%. <br /> • Wells Fargo Bank — Would not issue a quote due <br /> to their equipment certificate threshold amount. <br /> I am requesting the City utilize First National Bank's <br /> financing quote for a five year equipment certificate <br /> with an interest rate of 2.99%. The overall debt amount <br /> to be financed will be approximately $137,000 as this <br /> will also include the professional service fees from <br /> Briggs and Morgan, the City's bond counsel, to compile <br /> the equipment certificate documents. The annual debt <br /> payment would be approximately $30,000. <br /> Council Action Requested: Council motion to award the <br /> bid for Fire Department air packs to Emergency Response <br /> Solutions in the amount of$134,164.46 through the <br /> HGACBuy competitive bid process with financing <br /> provided by First National Bank for a five year equipment <br /> certificate for approximately $137,000 with an interest rate <br /> of 2.99%. <br />