HomeMy WebLinkAboutOrdinance 1393
ORDINANCE NO. 1393
WHEREAS, the City Council has received sealed bids for the sale
and purchase of a Fire Pumper Truck and Public Works Equipment for use by
the City by using a Lease-Purchase Contract; and
WHEREAS, after reviewing all sealed bids the City Council finds
that the Maryland National Leasing Corporation is the lowest responsible
bidder and in fact is the lowest bidder with an APR of 7.39% over a five
year period with 60 monthly payments of $7,494.64.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of North Richland Hills, Texas, that:
1.
The attached bid of Maryland National Leasing Corporation 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 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 such revenues are hereby appropriated
for payment of said obligation.
3.
The first monthly payment shall be made on October 1, 1986
PASSED AND APPROVED this 8th day of September, 1986.
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Mayor
ATTEST:
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~y Secretary
APPROVED AS TO FORM AND LEGALITY:
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Attorney ~