City of Rockport AgendaPacket Regular Meeting 2026-05-26
City Considers GCC Financing for Street Sweeper
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Description
Rockport is considering a lease-purchase finance contract with Government Capital Corporation to acquire a $381,985 street sweeper. The proposed structure calls for nine annual payments of about $54,207 at 4.915% interest under a Public Property Finance Contract.
Contract Details
Contract Amount
$381,985.00; annual payments of $54,207.49 for 9 years at 4.915% interest (alternate 10-payment option at $50,167.46, 5.033%)
Vendor
GOVERNMENT CAPITAL CORPORATION
Agency
City of Rockport, TX
Contract Type
FINANCIAL_SERVICES
Document Date
May 25, 2026
Contract Term
9 annual payments beginning one year from signing (alternative 10-payment structure also proposed)
Renewal Info
Resolution language designates the finance contract as a qualified tax-exempt obligation; no automatic renewal provisions are described. Term concludes after completion of scheduled payments.
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