2005-087ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE FINANCING FOR THE PURCHASE OF THREE
SELF CHECK MACHINES FOR THE DENTON PUBLIC LIBRARY SYSTEM THROUGH A
LEASE PURCHASE FINANCING AGREEMENT; PROVDING FOR THE EXPENDITURE
OF FUNDS THEREFORE; AND PROVDING AN EFFECTIVE DATE (FILE 3314-LEASE
PURCHASE OF SELF CHECK MACHINES APPROXIMATE FINANCE CHARGES OF
$4376.56).
WHEREAS, included in the budget process for the renovation of the Emily Fowler
Library, the Council authorized the sole source acquisition of three self check machines from 3M
Corporation pursuant to Chapter 252 of the Texas Local Government Code in the estimated
principal sum of $69,800; 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 three self check machines with Chase Equipment Leasing Inc., said agreement
providing for a financed amount of $69,800 having thirty six monthly payments of
approximately $2,060.46 with an effective rate of not to exceed 3.99% over 3 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 I.
SECTION 3. This ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the c'2~,~ ~/~/~day o f ~U.t~(q/~r~- ,2005.
EULINE BROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
HERBERT L. PROUTY, CITY ATTORNEY
BY: ~
3-ORD-File 3314
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