HomeMy WebLinkAbout2008-092ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE FINANCING OF FLEET VEHICLES FOR THE
CITY OF DENTON SOLID WASTE DEPARTMENT THROUGH A LEASE PURCHASE
FINANCING AGREEMENT; PROVIDING FOR THE EXPENDITURE OF FUNDS
THEREFOR; AND PROVIDING AN EFFECTIVE DATE (FILE 4012—THIRD PARTY
LEASE PURCHASE OF VEHICLES, APPROXIMATE FINANCE CHARGES OF $48,846
FOR 60 MONTHS).
WHEREAS, In the 2007-2008 budget process the City Council authorized the purchase
of various trucks listed on Exhibit A from the to be determined lowest responsible bidders
pursuant to Chapter 252 of the Texas Local Government Code in the estimated principal sum of
$740,000; and
WHEREAS, Section 271.005 of the Local Government Code authorizes the City Council,
in its discretion, to contract for the financing of personal property; and
WHEREAS, the City Council finds that the herein authorized financing of the budgeted
equipment through a lease purchase agreement with Chase Equipment Leasing Inc. is
appropriate and in the public interest; and
WHEREAS, the City Council has provided in the City Budget for the appropriation of
funds to be expended for the herein authorized lease purchase agreement; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The City Council hereby authorizes a lease purchase agreement to finance
the acquisition of trucks listed on Exhibit A with Chase Equipment Leasing Inc., said agreement
providing for a financed amount of $740,000 having five annual payments of approximately
$159,769.24 with an effective rate of not to exceed 2.49% over 5 years.
SECTION 2. The City Manager, or the Purchasing Agent as his designee, is authorized
to enter into a lease purchase agreement on behalf of the City in accordance with the terms set
forth in Section 1 and to expend the funds provided for in Section 1.
SECTION 3. This ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the day of Auk12008.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
C
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDEP, CITY ATTORNEY
L."
4-ORD-File 4012
Exhibit A
EOUIPMENT LIST
ITEM #
QTY
DESCRIPTION
EST. COST
1
1
Roll -Off Refuse Truck
$145,896.00
2
1
Side Load Refuse Trick
$194,804.00
3
1
Automatic Side Load Refuse Truck
$192,073.62
4
1
1 /2 Ton Box Truck
$ 46,999.80
5
1
Ford Expedition SUV
$ 28,194.00
6
1
1 /� Ton Flatbed Truck
$ 34,335.00
7
1
'/4 Ton Pickup Ext. Cab
$ 26,235.00
8
1
vz Ton Pickup Ext. Cab
$ 17,315.00
9
1
Escape Hybrid SUV
$ 26, 269.00
10
1
Escape Hybrid SUV
$ 26,269.00
Total
$738,390.42