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City of <br />Pequott <br />Lakes- <br />AGENDA <br />ITEM #7.1. <br />REPORT TO <br />CITY COUNCIL <br />Date: February 8, 2012 <br />Subiect: Request to Pay off Fire Truck Lease Purchase <br />Agreement <br />Report: The Fire Chief is requesting authorization to pay <br />off the Municipal Lease Purchase Agreement for the 2003 <br />Peterbilt Fire Truck with American National Bank. Tom <br />Nelson feels that the fire fund has an adequate cash balance <br />to allow for early payoff which creates an interest savings <br />of $652.01. The original payoff date would have been on <br />12 -5 -13. Patrick Smith and Loren Alexander from <br />American National Bank have been contacted and early pay <br />off is allowed. The amount of the payoff is $36,867.47 <br />($35,616.60 principal & $1,250.87 interest). <br />Council Action Requested: Council motion authorizing <br />the debt pay off of the municipal lease purchase agreement <br />for the 2003 Peterbilt fire truck with American National <br />Bank in the amount of $36,867.47 payable from the fire <br />fund. <br />