ORD 2006-33TOWN OF TROPHY CLUB, TEXAS
ORDINANCE NO. 2006- 33
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 2006 3/4 TON
CREW CAB PARKS TRUCK AND COMMERCIAL GRADE
RIDING MOWER WITH AN AGGREGATE TOTAL NOT TO
EXCEED SEVENTY EIGHT THOUSAND DOLLARS ($78,000)
PAYABLE ANNUALLY COMMENCING IN FISCAL 2007 AND
BEING RETIRED IN FISCAL 2010; 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, With the growth of our parks projects, and anticipated growth
relative to new development more staff & equipment was required to meet these
needs and an additional truck was approved but not purchased in the FY
2005/2006 budget; and
WHEREAS, A need for a replacement mower has been identified and a
commercial grade riding mower will reduce the number of man hours required to
maintain our existing and future Parks as well as providing better performance;
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 terms for this
financing and Bancorp South (Interest Rate of 4.29%) has the best terms for this
type of financing; and
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 authorizing the purchase and financing of the above referenced
equipment in an amount not to exceed Seventy Eight Thousand and No/100
Dollars ($78,000.00) and accepts the proposal as put forth by Bancorp South
(Interest Rate of 4.29%.)
Section 3. The Town Manager is hereby authorized to purchase the
needed equipment and to execute the appropriate documents with Bancorp
South (Interest Rate of 4.29%.)
Section 4. This Ordinance is hereby approved and shall become
effective immediately upon its passage.
DULY PASSED AND APPROVED this the 11 th day of September, 2006.
ATTEST:
l
'Town Secretary
Town of Trophy Club, Texas
APPROVED AS TO FORM:
Town Attorney
Town of Trophy Club, Texas
Nick Sanders, Mayor
Town of Trophy Club, Texas