2005-016ORDINANCE NO. ~05- 0/,~
AN ORDINANCE AUTHORIZING THE FINANCING FOR FIVE REFUSE TRUCKS, A
MOTOR GRADER, A SKID STEER LOADER, AND FIVE 3A TON 4 X 4 DIESEL PICKUP
TRUCKS FOR THE SOLID WASTE DEPARTMENT, AND A WHEEL LOADER AND
SCREENER FOR BENEFICIAL REUSE THROUGH A LEASE PURCHASE FINANCING
AGREEMENT; PROVIDING FOR THE EXPENDITURE OF FUNDS THEREFORE; AND
PROVIDING AN EFFECTIVE DATE (FILE 3279-LEASE PURCHASE OF REFUSE
TRUCKS AND EQUIPMENT, APPROXIMATE FINANCE CHARGES OF $123,364.40).
WHEREAS, In the 2004-2005 budget process the City Council authorized the purchase
of five refuse trucks, a motorgrader, a skid steer loader, five 3A ton 4 x 4 diesel pickup trucks and
a wheel loader and screener from the to be determined lowest responsible bidders pursuant to
Chapter 252 of the Texas Local Government Code in the estimated principal sum of $1,320,000;
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 six refuse trucks and a composting machine with Chase Equipment Leasing
Inc., said agreement providing for a financed amount of $1,320,000 having ten bi-annual
payments of approximately $144,364.14 with an effective rate of not to exceed 3.13% 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 inunediately upon its passage and
approval.
PASSED AND APPROVED this the
EULINIg~ROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
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