HomeMy WebLinkAboutOrdinance 1832
ORDINANCE NO. 1832
WHEREAS, the City Council has received sealed bids for
the lease/purchase financing of municipal equipment for use by the
City; and
WHEREAS, after reviewing all sealed bids the City Council
finds that Sanwa GEL is the lowest responsible bidder and in fact
is the lowest bidder with an APR of 6.69% over a ten year period
with monthly payments of $7,042.80.
NOW, THEREFORE BE IT ORDAINED by the City Council of the
City of North Richland Hills, Texas, that:
1.
The attached bid of Sanwa GEL be and is hereby accepted.
2.
This Ordinance shall constitute evidence of indebtedness
of the City for payment of the obligations imposed by acceptance of
the low bid for financing said municipal equipment. The obligation
is secured by the City's pledge of future Ad Valorem Property Tax
sufficient to meet the obligation and said obligation shall not be
payable from revenues budgeted for current maintenance and
operating expenses and shall be payable solely from Property Ad
Valorem Tax Revenues necessary to discharge this obligation be, and
are hereby, appropriated for payment of said obligation.
3 .
The first monthly payment shall be made on October 1,
1992.
PASSED AND APPROVED this 10th day of August, 1992.
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Mayor
ATTEST:
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c~secretary
APPROVED AS TO FORM AND
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