ORD 2008-03TOWN OF TROPHY CLUB, TEXAS
ORDINANCE NO. 2008- 03
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 IN -CAR VIDEO REPLACEMENT
AND ASSOCIATED COMPONENTS FOR THE POLICE DEPARTMENT;
PROVIDING FOR AN AGGREGATE TOTAL NOT TO EXCEED FORTY
EIGHT THOUSAND SEVEN HUNDRED FORTY DOLLARS ($48,740)
PAYABLE ANNUALLY COMMENCING IN FISCAL YEAR 2007-08 AND
BEING RETIRED IN FISCAL YEAR 2009-10; 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 increasing age and out datedness of existing inventory and
with anticipated growth relative to new development, in -car video equipment and
associated components is required to meet current and future law enforcement needs;
and
WHEREAS, A need for replacement in -car video and associated components will
reduce the cost of repairs required to maintain our aging inventory, as well as provide
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 year's 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
California First National Bank (Interest Rate of 3.74%) 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 forty eight thousand seven hundred forty dollars ($48,740) and
accepts the proposal as put forth by California First National Bank (Interest Rate of
3.74%).
Section 3. The Town Manager or his designee is hereby authorized to
purchase the needed equipment and to execute the appropriate documents with
California First National Bank (Interest Rate of 3.74%).
Section 4. This Ordinance is hereby approved and shall become effective
immediately upon its passage. The Town Secretary shall record this Ordinance in the
Town records as required by the Charter.
DULY PASSED AND APPROVED this the 4th day of February, 2008.
Nick Sanders, Mayor
Town of Trophy Club, Texas
ATTEST:
Town Secretary
Town of Trophy Club, Texas
APPROVED AS TO FORM:
Town Attorney
Town of Trophy Club, Texas
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[SEAL]
Compound Period: Annual
Nominal Annual Rate: 3.740 To
CASH FLOW DATA
01/23/2008 12:54:07 PM Page 1
Event Date Amount Number Period End Date
1 Loan 01/15/2008 48,740,00 1
2 Payment 04/01/2008 16,979.64 3 Annual 04/01/2010
AMORTIZATION SCHEDULE
- Normal Amortization
V
Date
Payment
Interest
Principal
Balance
Loan
01/15/2008
48,740.00
1
04/01/2008
16,979.64
384.55
16,595.09
32,144.91
2
04/01/2009
16,979.64
1,202.22
15,777.42
16,367.49
3
04/01/2010
16,979.64
612.15
16,367.49
0.00
Grand Totals
50,938.92
2,198.92
48,740.00