HomeMy WebLinkAbout2000-240ORDINANCE NO OA9 a_a
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 $313,900 at the
effective interest rate of 5 975%
SECTION II That this ordinance shall become effective immediately upon its passage
and approval
PASSED AND APPROVED this the /S� day of & t 2000
&th�
EULINE BROCK, MAYOR
ATTEST
JE E$ WALTERS CITY SECRETARY
By , A a, �)
'APIW
VED AS TO LE AL FORM
HERBERT J�'ROUTXI CITY ATTORNEY
ATTACHMENT 1
GOVERNMENT CAPITAL CORRORATION
PUBLIC FINANCIERS P 0 But MI. &O Wiwan, 1118 SM
Ph 190M14461-Pa- 901 ON a=
out July 17, 2000
To Mr. Tom Show
City of Donton, To
The h wmauon below is relative to the proposed 8nandnS for the acquisition of the following
D-7 Cotavilhir Dozer
Contraet Amounts 8313,900.00
Down Payment: Now
Sent -Annual piytt a Amount
3 yr. 5.975% 867A99.73
The first mrai-atntud payment will become due November 1, 2000, and
Note: The creme documentation used provtoudy will be prepared for this trensseuon All
financial udbtmetion needed to on file
The escrow account moot be tbnded no later than September 1, 2000 If cloning occurs after
August IS, 2000, we reserve the right to index rates to current market
We appreciate the opportunity to submit this proposal If you have quosdons, please fed fin to
call me at (500) 561AK61