HomeMy WebLinkAboutOrdinance 1269
ORDINANCE NO. 1269
WHEREAS, the City Council has received sealed bids for the sale and
purchase of a Fire Pumper Truck and Aerial Ladder Truck, for use by the City
Fire Department, by using a Lease-Purchase Contract; and
WHEREAS, after reviewing all sealed bids the City Council finds that
the First Continental Financial Corporation is the lowest responsible bidder
and in fact is the lowest bidder with an APR of 6.89% over a five year period
with 60 monthly payments of $9,875.00.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of
North Richland Hills, Texas, that:
1.
The attached bid of First Continental Financial 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 Fire Department 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, 1985.
PASSED AND APPROVED this 12th day of August, 1985.
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Mayor
ATTEST:
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2Yy Secretary