2002-047O ANCE NO. fpOi-
AN ORDINANCE AUTHORIZING THE FINANCING FOR THREE REFUSE TRUCKS,
THREE DUMP TRUCKS, A LANDFILL COMPACTOR, A RUBBER TIRE WHEEL
LOADER AND A STREET SWEEPER WITH GOVERNMENT CAPITAL CORPORATION
THROUGH A LEASE/PURCHASE FINANCING AGREEMENT; PROVIDING FOR THE
EXPENDITURE OF FUNDS THEREFORE; AND PROVIDING AN EFFECTIVE DATE
(FILE 2807 - 2002 EQUIPMENT LEASE PURCHASE AGREEMENT, APPROXIMATE
FINANCE CHARGES $96,797).
WHEREAS, In the 2001-2002 budget process the City Council authorized the purchase
of three refuse tracks, three dump trucks, a landfill compactor, a rubber tire wheel loader and a
street sweeper fi*om the to be determined lowest responsible bidders pursuant to Chapter 252 of
the Texas Local Government Code in the estimated principal sum of $1,325,000; and
WHEREAS, Section 271.005(c) of the Local Govemment 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 Government Capital 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 three refuse trucks, three dump trucks, a landfill compactor, a rubber tire wheel
loader, and a street sweeper with Government Capital Corporation, said agreement providing for
a financed amount of $1,325,000, having six semi-annual payments of approximately
$169,604.33 and eight semi~aunual payments of approximately $50,491,39 with an effective rate
of not to exceed 4.976%.
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 /~ dayof k;7~_.~.,~f'''_ .2002.
EULINE BROCK, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
HERB~~ATTORNEY
BY: ~: 7"~',3~ /~ ....
Attachment 1
EQUIPMENT LISTING
Item
1
2
3
4
5
6
Quan. Description
1 Street Sweeper
1 Landfill Compactor
I Rubber Tire Wheel
Loader
3 12 Yd. Dump Truck
1 Rearload Refuse Truck
2 Frontload Refuse Trucks
Est. Pfice
$140,000
$485,000
$ 90,000
$ 80,000
$ 9O,O0O
$140,000
TenTIS
3yr.
3 yr.
3 yr.
3 yr.
4yr.
4yr.
Ext.Price
$140,000
$485,000
$ 90,000
$ 240,000
$ 90,O00
$ 280,O00