2008-092
ORDINANCE NO. ~~~U ~O~I~
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-THIIZD 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 tmcks listed on Exhibit A from the to be determined lowest responsible bidders
pursuant to Chapter 252 of the Texas Local Govemment 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 , 2008.
PE R. MINE L, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDE13„CITY ATTORNEY
BY:
4-OI2D-File 4012
Exhibit A
EOU[PMENT LIST
ITEM # TY DESCRIPTION EST. COST
1 l Roll-Off Refuse Truck $145,896.00
2 1 Side Load Refuse Tnick $194,804.00
3 1 Automatic Side Load Refuse Truck $192,073.62
4 1 1 ~/~ 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