2001-197ORDINANCE NO ODD N 7
AN ORDINANCE AUTHORIZING THE EXECUTION OF CHANGE ORDER ONE TO THE
CONTRACT BETWEEN THE CITY OF DENTON AND GOVERNMENT CAPITAL
CORPORATION, PROVIDING FOR AN INCREASE IN THE LEASE PERIOD, AN
INCREASE IN THE AMOUNT OF FINANCING CHARGES, AND A REVISION TO THE
ANNUAL LEASE PURCHASE PAYMENTS SCHEDULE, PROVIDING FOR THE
EXPENDITURE OF FUNDS THEREFORE AND PROVIDING AN EFFECTIVE DATE (FILE
2665 - LEASE PURCHASE FINANCING OF 13 REFUSE TRUCKS AWARDED TO
GOVERNMENT CAPITAL CORPORATION AT A FINANCING COST OF $88,678 44,
(ORDINANCE 2001-123) AND CHANGE ORDER ONE IN THE AMOUNT OF $110,387 80,
FOR A TOTAL FINANCING CHARGE OF $199,066 30)
WHEREAS, on March 27, 2001 (Ordinance 2001-123), the City awarded a Contract for
the Acquisition of Lease/Purchase Financing to Government Capital Corporation in the amount
of $88,678 44, 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 refuse
trucks through a lease purchase agreement with the 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,
WHEREAS, the City Manager having recommended to the Council that a change order
be authorized to amend and restate such contract agreement with respects to the contract amount
and payment schedule and said change order being in compliance with the requirements of
Chapter 252 of the Local Government Code, Now, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
SECTION 1 The change order increasing the financing amount and extending the
payment schedule of the agreement between the City and Government Capital Corporation as
listed on Exhibits A-1, A-2, and A-3, on file in the office of the Purchasing Agent, in the amount
of One Hundred Ten Thousand Three Hundred Eighty Seven and 80/100 Dollars ($110,387 80),
is hereby approved and the expenditure of funds therefor is hereby authorized The master
contract amount is amended to read total financing charges of $199,066 30
SECTION 2 The City Manager, or his designee, is authorized to enter into each of the
lease purchase agreements 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 as per Exhibits A-1, A-2 and A-3
SECTION 3 That this ordinance shall become effective immediately upon its passage
and approval
PASSED AND APPROVED this the day of _G~ 2001
& AOZL
EULINE BROCK, MAYOR
ATTEST
JENNIFER WALTERS, CITY SECRETARY
By
AP OVED S TO LEGAL FORM
HERBERT L OU CITY ATTORNEY
By
CHANGE ORDE E to FILE 2665 ORDINANCE-2001
GOVERNMENT CAPITAL
GOVERNMENT CAPITAL CORPORATION
r
EXHIBIT A-1
GOVERNMENT CAPITAL CORPORATION
LESSEE City of Deron No 2366 Equipment Cost $447,89700
Y FInonood Amount $444,8d6 62
Effective Rate 533000%
Interest Rate 608000%
PMT
PMT DAT~
TOTAL
INTEREST
PRINCIPAL
OPTION TO PURCHASE
NO
MO DAY Y
PAYMENT
PAID
PAID
after pmt on this line
1 11/01/01
$1A1,R95 85
$12,77201
$148,85384
2 11/01/021
$161,62585
$17,99630
$143,629 55
3 11/011031
$161,62585
$9,26362
$1U,36L 23
Grand Totals
$484,87755
$40,031 93
$444 845 R9
$301,59676
$154,29676
$100
ACCEPTED BY LESSE~ City Manager, or their designee
GOVERNMENT CAPITAL
GOVERNMENT CAPITAL CORPORATION
EXHIBIT A-2
GOVERNMENT CAPITAL CORPORATION
PMT
PMT DATA
TOTAL
INTEREST
PRINCIPAL
OPTION TO PURCHASE
NO
MO, DAY W
PAYMENT
PAID
PAID
after pmt on this line
1 11/01/01
2 11/01/0
3 11/01/03
4 11101/04
Grand Totals
$233,443 97 $23,90529
$233,44397 $37,88303
$233,44397 $25,99292
$233,44397 $13,37989
$933,77588 $101,161 13
$209,538 68
$195,56094
$207,451 05
$220,06408
$832,61475
$638 715 64
$435,61066
$222,85820
$1 00
ACCEPTED BY LESSOE City Manager, or their designee
LESSEE City of De,Pt~ n Nb 2355 Equipment Cost $838,32800
t Financed Amount $832,61475
Effective Rate 533000%
Interest Rate 608000%
GOVERNMENT CAPITAL
GOVERNMENT CAPITAL CORPORATION
EXHIBIT A-3
GOVERNMENT CAPITAL CORPORATION
PMT
PMT DAT01
TOTAL
INTEREST
PRINCIPAL
OPTION TO PURCHASE
NO
L
MO DAY It
PAYMENT
PAID
PAID
after pmt on this line
1
11/01/011
$86,93909
$10,818 98
$76,12011
$310,080 44
2
11/01/0
$86,93909
$18,28269
$68,65640
$237,87017
3
11/01/0
$86,93909
$14,108 38
$72,83071
$1b2,229 91
4
11/01/04
$66,93000
$9,68027
$77,25882
$89,996 74
5
11/01/09
$86,93909
$4,98292
$81,95617
$1 00
Grand Totals
$434,69545
$57,87324
$376,82221
ACCEPTED BY LESS E City Manager, or their designee
LESSEE City of Dentt n NV 2302 Equipment Cost $379,40700
Financed Amount $376,88221
Effective Rate 533000%
Interest Rate 608000%