2009-070ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE A CHANGE ORDER
TO AMEND THE LEASE PURCHASE FINANCING AGREEMENT BETWEEN THE CITY OF
DENTON AND CHASE EQUIPMENT LEASING, INC.; PROVIDING FOR THE EXPENDITURE
OF FUNDS THEREFOR; AND PROVIDING AN EFFECTIVE DATE (FILE 4247-THIRD
PARTY LEASE PURCHASE OF SOLID WASTE AND WASTE WATER VEHICLES AND
EQUIPMENT CHANGE ORDER TO AMEND APPROXIMATE FINANCE CHARGES TO
$183;198.50 FOR 60 MONTHS IN THE ESTIMATED PRINCIPAL SUM OF $1,686,746 FOR AN
ESTIMATED TOTAL PAYBACK AMOUNT OF $1,869,944.50).
WHEREAS; on February 3, 2009 by Ordinance No. 2009-026, the City approved a lease
purchase financing agreement with Chase Equipment Leasing Inc. with approximate finance charges
of $257,351.57 for 60 months in the estimated principal sum of $2,369,488 for an estimated total
payback amount of $2,626,839.57;
WHEREAS; the Staff having recommended, and the City Manager having recommended to
the Council that a change order be authorized to amend such agreement with respect to a change in
the Schedule A Equipment Listing resulting in a decrease in the principal sum amount, finance
charges and estimated total payback amount, and said change order under the proposed contract is
fair and reasonable; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The Change Order amending the lease purchase financing agreement between
the City of Denton and Chase Equipment Leasing, Inc. by revising the Schedule A to amend
approximate finance charges to $183,198.50 for 60 months in the estimated principal sum of
$1,686,746 for an estimated total payback amount of $1,869,944.50, is hereby approved and the
expenditure of funds therefor is hereby authorized in accordance with said change order.
SECTION 2. This ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the _ day of , 2009.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY: - /
3-OR Ile 247
Exhibit A
Equipment Listiniz
for Chase Equip
ment Lease 1000133361
Schedule A
Estimated
Equipment
uant.
Purchase Price
Total
Side Load Refuse Truck
1 each
$105,808
$105,808
(McNeilus)
Front Load Refuse Truck
3 each
$101,902
$305,706
Body (McNeilus)
Front Load Refuse Truck
4 each
$123,170
$492,680
Chassis (Peterbilt)
Front Load Refuse Body
1 each
$111,602
$111,602
With Scales (McNeilus)
Front Load Refuse Chassis
1 each
$121,550
$121,550
(Peterbilt)
14 Yd Dump Truck
2 each
$ 106,892
$213,784
(Peterbilt)
Backhoe Tractor
1 each
$ 73,073
$ 73,073
(Case)
Skid Loader
1 each
$ 38,392
$ 38,392
(Bobcat)
Box Truck
1 each
$ 52,092
$ 52,092
(Peterbilt)
Wacker Packer
1 each
$ 33,185
$ 33,185
(Komatsu)
L70F Wheel Loader
1 each
$ 138,874
$138,874
(Romco)
Total Approximate Cost $1,686,746