RESO 1997-03 - Capital City LeasingRESOLUTION NO. 97-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTSVILLE,
TEXAS, AUTHORIZING EXECUTION OF A MUNICIPAL LEASE/PURCHASE
AGREEMENT FOR A REAR LOADING REFUSE TRUCK; AND MAKING
OTHER FINDINGS AND PROVISIONS RELATED THERETO.
WHEREAS
WHEREAS
the City of Huntsville is entering into a Municipal Lease/Purchase Agreement ( "Lease ")
with Capital City Leasing, Inc.
The source of funds in the current fiscal year's budget is operating funds - Sanitation for
lease /purchase payments due under the Lease. The City expects and anticipates adequate
funds to be available for all future lease /purchase payments after the current fiscal year
for the following reasons: rates will be set sufficient to pay the lease /purchase agreement
and unallocated funds are currently available.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS, THAT:
SECTION 1:
SECTION 2:
SECTION 3:
The City Manager of the City of Huntsville, Texas, is hereby authorized to enter into the
Lease with Capital City Leasing, Inc. for a period of 60 months.
The City Manager of the City of Huntsville, Texas, is hereby authorized, empowered and
directed to sign on behalf of the City, the Lease and any addenda, schedules, notes, UCC
financing statements or other instruments issued under the provision of the Lease and any
other instrument or document that may be necessary or expedient in connection with
agreement upon, or fulfillment of the provisions of the Lease.
The equipment, a rear loading refuse truck as described in Exhibit "A" of such agreement,
is essential to the function of the undersigned or to the service the City provides to its
citizens. Further, the City has an immediate need for, and expects to make immediate use
of, substantially all of the equipment, which need is not temporary or expected to diminish
in the foreseeable future. The equipment will be used by the City only for the purpose of
performing one or more of our governmental or proprietary functions consistent with the
permissible scope of its authority. Specifically, the equipment was selected by the City
to be used for collection of refuse.
APPROVED this the 1 lth day of March, 1997.
•1'
Da a Welter, City Secretary
T:
P. OVED
O FORM:
ott Bo ds, City Attorney
CITY OF HUNTSVILLE
William B. Green, Mayor
CITY OF HUNTSVILLE
LEASE PURCHASE - RECAP OF BIDS
REAR LOADING REFUSE TRUCK
($69,985.26 - 5 yrs - Annual Payments)
BIDDER
INTEREST
RATE
TOTAL COST
(including fees)
CONDITIONS
Capital City Leasing, Inc.
5.83%
$82,687.43
One year from
contract
Koch Financial Corp.
6.10%
$83,297.35
Bank Qualified
Government Capital Corp.
6.275%
$83,695.35
Consolidated Financial Resources,
Inc.
6.1875%
$84,688.45
First Payment
3 -15 -98
1st Capital Group
6.9851%
Tobyne & Co., Inc.
6.23%
$83,591.70
Bank Qualified
GE Capital
7.09%
$85,549.55
Diversified Lenders, Inc.
8.93%
$89,983.90
C:\ OFFICE\ WPWIN\ WPDOCS\FILES \TABLES\LEASE I .TI3L