Loading...
2004-116AN ORDINANCE AUTHORIZING THE FINANCING FOR SIX REFUSE TRUCKS AND AN EIGHTEEN FOOT WINDROW COMPOSTING MACHINE WITH BANK ONE LEASING CORPORATION THROUGH A LEASE/PURCHASE FINANCING AGREEMENT; PROVIDING FOR THE EXPENDITURE OF FUNDS THEREFORE; AND PROVIDING AN EFFECTIVE DATE (FILE 3155- LEASE PURCHASE OF REFUSE TRUCKS AND COMPOSTING MACHINE, APPROXIMATE FINANCE CHARGES $65,079.60). WHEREAS, In the 2003-2004 budget process the City Council authorized the purchase of six refuse trucks and one eomposting machine from the to be determined lowest responsible bidders pursuant to Chapter 252 of the Texas Local Government Code in the estimated principal sum of $1,150,000; and WHEREAS, Section 271.005(c) 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 Bank One Leasing Corporation 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 Bank One Leasing Corporation, said agreement providing for a financed amount of $1,150,000 having ten bi-aunual payments of approximately $121,507.96 with an effective rate of not to exceed 2.16% 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. EULINE BROCK, MAYOR ,2004. ATTEST: JENNIFER WALTERS, CITY SECRETARY APPROVED AS TO LEGAL FORM: HERBERT L. PROUTY, CITY ATTORNEY 3 -ORD -File 315 5 ~/ Page 2 of 2