ORD 2006-31TOWN OF TROPHY CLUB, TEXAS
ORDINANCE NO. 2006 - 31
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS, AUTHORIZING AND APPROVING THE
TERMS AND CONDITIONS OF A NOTE AS WELL AS THE
SPECIFIED LENDER FOR THE PURCHASE OF A 2007 POLICE
VEHICLE AND TEN (10) REPLACEMENT COMPUTERS WITH
AN AGGREGATE TOTAL NOT TO EXCEED FORTY ONE
THOUSAND DOLLARS ($41,000) PAYABLE ANNUALLY
COMMENCING IN FISCAL 2007 AND BEING RETIRED IN
FISCAL 2009; AUTHORIZING THE TOWN MANAGER OR HIS
DESIGNEE TO EXECUTE ALL NECESSARY DOCUMENTS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Council of the Town of Trophy Club is a Home Rule
municipality created under the Constitution of the State of Texas; and
WHEREAS, It has been the practice of the Town to annually replace one
police patrol vehicle and the need for a replacement vehicle does exist; and
WHEREAS, A need for ten (10) replacement desktop computers has been
identified by the IT department and the lease terms from the manufacturer were
not satisfactory; and
WHEREAS, The Town Council has historically utilized short term debt
financing to purchase needed equipment in order to spread the cost of
equipment over the useful life of the equipment and provisions have been made
in next years budget as well as the out year budgets for payment of this debt;
and
WHEREAS, Several lenders were asked to provide and did provide terms
for this financing and BancorpSouth proposed the best terms for this type of
financing;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF
THE TOWN OF TROPHY CLUB, TEXAS, THAT:
Section 1. All of the above premises are found to be true and correct
and are hereby affirmed and adopted as findings by the Town Council of the
Town of Trophy Club.
Section 2. The Town Council hereby approves the terms of this
Ordinance, finds the expenditure and the proposed financing of an amount not to
exceed Forty One Thousand and No/100 Dollars ($41,000.00) to be necessary
and prudent under the current circumstances, authorizes the purchase and
financing of the above referenced equipment, and accepts the proposal as put
forth by BancorpSouth.
Section 3. The Town Manager is hereby authorized to purchase the
needed equipment and to execute the appropriate documents with BancorpSouth
for the financing of the amount due for the vehicle and computer equipment.
Section 4. This Ordinance is hereby approved and shall become
effective immediately upon its passage.
DULY PASSED AND APPROVED this the 11`h day of September, 2006.
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Nick Sanders, Mayor
Town of Trophy Club, Texas
ATTEST:
v' Town Secretary
Town of Trophy Club, Texas
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APPROVED AS TO FORM:"
Town Attorney
Town of Trophy Club, Texas