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Home My WebLink About2000-142NOTE Amended by Ordinance No 2000-142 ORDINANCE NO AN ORDINANCE ACCEPTING COMPETITIVE BIDS AND AWARDING A CONTRACT FOR THE ACQUISITION OF LEASE PURCHASE FINANCING, PROVIDING FOR THE EXPENDITURE OF FUNDS THEREFOR, AND PROVIDING AN EFFECTIVE DATE (BID 2489 — LEASE PURCHASING FINANCING AWARDED TO GOVERNMENT CAPITAL CORPORATION AT THE EFFECTIVE RATE OF 4 99%, APPROXIMATE FINANCING CHARGES $99,819) WHEREAS, the City has solicited, received and tabulated competitive bids for the purchase of necessary materials, equipment, supplies or services in accordance with the procedures of STATE law and City ordinances, and WHEREAS, the City Manager or a designated employee has reviewed and recommended that the herein described bids are the lowest responsible bids for the materials, equipment, supplies or services as shown in the 'Bid Proposals" submitted therefore, and WHEREAS, the City Council has provided in the City Budget for the appropriation of funds to be used for the purchase of the materials, equipment, supplies or services approved and accepted herein, NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION I That the numbered items in the following numbered bids for materials, equipment, supplies, or services, shown in the 'Bid Proposals" on file in the office of the City Purchasing Agent, are hereby accepted and approved as being the lowest responsible bids for such items BID ITEM AMOUNT NUMBER NO VE D R 2489 All Government Capital Corporation 4 99% Annual Effective Rate SECTION II That by the acceptance and approval of the above numbered items of the submitted bids, the City accepts the offer of the persons submitting the bids for such items and agrees to purchase the materials, equipment, supplies or services in accordance with the terms, specifications, standards, quantities and for the specified sums contained in the Bid Invitations, Bid Proposals, and related documents SECTION III That should the City and persons submitting approved and accepted items and of the submitted bids wish to enter into a formal written agreement as a result of the acceptance, approval, and awarding of the bids, the City Manager or his designated representative is hereby authorized to execute the written contract which shall be attached hereto, provided that the written contract is in accordance with the terms, conditions, specifications, standards, quantities and specified sums contained in the Bid Proposal and related documents herein approved and accepted SECTION IV That by the acceptance and approval of the above numbered items of the submitted bids, the City Council hereby authorizes the expenditure of funds therefor in the amount and in accordance with the approved bids or pursuant to a written contract made pursuant thereto as authorized herein SECTION V That this ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this Ar-- day of , 2000 ATTEST JENNIFER WALTERS, CITY SECRETARY BY APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY BY 2489: ATTACHMENT 1 BID # 2489 TABULATION SHEET Description: Fixed Effective Rate 3 Year Term VENDOR RATE Government Capital Corporation 4.99% Bank One 5 55% The Associates 5 88% Automotive Resources Intl. 8.14% MAL NB Tobyne Corporation NB ORDINANCE NO AN ORDINANCE AUTHORIZING THE EXECUTION OF A CHANGE ORDER TO A CONTRACT FOR LEASE/PURCHASING FINANCING OF EQUIPMENT BETWEEN THE CITY OF DENTON AND GOVERNMENT CAPITAL CORPORATION, PROVIDING FOR AN INCREASE IN THE QUANTITY OF ITEMS, AND AN INCREASE IN THE EFFECTIVE RATE AND INCREASE IN THE TOTAL FINANCING CHARGES AMOUNT, AND PROVIDING AN EFFECTIVE DATE (BID 2489 — LEASE/PURCHASING FINANCING AWARDED TO GOVERNMENT CAPITAL CORPORATION AT THE EFFECTIVE RATE OF 4 99%+ CHANGE ORDER 1 AT THE EFFECTIVE RATE OF 5 975% WHEREAS, on April 18, 2000 (Ordinance 2000-142), the City awarded a Contract for the Acquisition of Lease/Purchase Financing to Government Capital Corporation to finance equipment in the amount of $1,248,871 at an effective interest rate of 4 99%, and WHEREAS, the City Manager having recommended to the Council that a change order be authorized to amend such contract agreement with respects to the individual performing the service and price and said change order being in compliance with the requirements of Chapter 252 of the Local Government Code, Now, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION I That the change order amending the contract amount of the agreement between the City and Government Capital Corporation, on file in the office of the Purchasing Agent, is hereby approved to finance additional equipment in the amount of $313,900 at the effective interest rate of 5 975% SECTION II That this ordinance shall become effective immediately upon its passage and approval L PASSED AND APPROVED this the �SL day of 7L 2000 &L/6� &4- EULINE BROCK, MAYOR ATTEST, JE ER WALTERS,,CITY SECRETARY By W/ AP OVED AS TO LE AL FORM HERBERT RO CITY ATTORNEY By --- to ATTACHMENT 1 Date July 17, 2000 To Mr. Tom Show City orDentoa, Tx The h lbrnmtion below is relative to the proposed financing fbr the acquisition of the toUowing D-7 CafetplWr Dosser Contract Amounts 5313, MOO Down Payments None -.;Iri I �{•J:!1(!!i_!... rug �_nll r rl!� I The first semi-annual payment will become due November 1, 2000, and continuo annually thoreaflor. Note* The same documentation used previously will be prepared for tlus transaction A0 f nanonal udbrmatson needed is on file The escrow account must be Handed no later than September 1, 2000 If elosnsg occurs after August 15, 2000, we reserve the right to index rates to current market We appsewsto the opportunity to submit this proposal If you have questions please feet hoc to Cali mo u (800) 56140461 /'jI—