HomeMy WebLinkAbout2005-016ORDINANCE NO. 6Lf-
AN ORDINANCE AUTHORIZING THE FINANCING FOR FIVE REFUSE TRUCKS, A
MOTOR GRADER, A SKID STEER LOADER, AND FIVE 3/4 TON 4 X 4 DIESEL PICKUP
TRUCKS FOR THE SOLID WASTE DEPARTMENT, AND A WHEEL LOADER AND
SCREENER FOR BENEFICIAL REUSE THROUGH A LEASE PURCHASE FINANCING
AGREEMENT; PROVIDING FOR THE EXPENDITURE OF FUNDS THEREFORE; AND
PROVIDING AN EFFECTIVE DATE (FILE 3279—LEASE PURCHASE OF REFUSE
TRUCKS AND EQUIPMENT, APPROXIMATE FINANCE CHARGES OF $123,364.40).
WHEREAS, In the 2004-2005 budget process the City Council authorized the purchase
of five refuse trucks, a motorgrader, a skid steer loader, five 3/4 ton 4 x 4 diesel pickup trucks and
a wheel loader and screener from the to be determined lowest responsible bidders pursuant to
Chapter 252 of the Texas Local Government Code in the estimated principal sum of $1,320,000;
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 six refuse trucks and a composting machine with Chase Equipment Leasing
Inc., said agreement providing for a financed amount of $1,320,000 having ten bi-annual
payments of approximately $144,364.14 with an effective rate of not to exceed 3.13% 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 2005.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: �l
APPROVED AS TO LEGAL FORM:
HERBERT L. PROUTY, CITY ATTORNEY
3-ORD-File 3279
Q R*AA4&
EUL ROCK, MAYOR
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