HomeMy WebLinkAboutResolution No. 94-29 ORIGINAL
CITY OF THE COLONY, TEXAS
RESOLUTON NO. 94-29
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, PROVIDING FOR REIMBURSEMENT TO THE
LAND FUND FROM THE EMERGENCY EQUIPMENT FUND OF THE
COLONY FIRE DEPARTMENT FOR THE PURCHASE OF A PUMPER
FIRE TRUCK; PROVIDING FOR CERTAIN TERMS AND
CONDITIONS; PROVIDING AN EFFECTIVE DATE
WHEREAS, the City council has authorized the purchase of a new pumper fire truck
for the Fire Department at a cost of $250,000.00; and
WHEREAS, the Council authorized the purchase to be made with the proceeds of
the City's Land Fund; and
WHEREAS, the Emergency Equipment Fund has been established for the purchase
of vehicles and equipment for the Fire Department; and
WHEREAS, by this Resolution the Council expresses its intent to reimburse the
Land Fund for the pumper truck purchase from the Emergency Equipment Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
Section 1. That the City Council hereby determines that the Land Fund,
Account No. 1185, be reimbursed for the purchase of a pumper fire truck in the amount of
$250,000.00 plus interest from the Emergency Equipment Fund, Account No. 1164, under
the terms and conditions as set out herein.
Section 2. That the City Council hereby expresses its intent to make ten
(10) annual payments to the Land Fund pursuant to an amortization schedule attached to
this Resolution and labeled Exhibit "A", with the first annual payment to occur on or about
October 1, 1995, and for nine (9) years thereafter; provided that such reimbursement shall
be subject to annual appropriation during the City's budget process for each fiscal year.
Section 3. The City Council intends to fund the payment from the
Emergency Equipment Fund to the Land Fund with revenues generated from ambulance
subscriptions. Should revenues from such fund not be sufficient in any given year, the
amount of such deficiency may be funded through the General Fund.
Section 4. That this Resolution shall take effect immediately from and after
its adoption and it is so resolved.
PASSED AND APPR~D BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS this / 7v~ day of ~rz>z~/e.. , 1994.
ilhXam W l~Ianning, Mayor
ATFEST:
Patti A. Hicks, TRMC, City Secretary
APPROVED AS TO FORM:
City Attorney
EMERGENCY EQUIPMENT FUND
REIMBURSEMENT TO LAND FUND
AMORTIZATION SCHEDULE
ANNUAL PAYMENTS
BUDGET YEAR PRINCIPAL INTEREST TOTAL BALANCE
$ 340,000
1995- 96 $ 25,000 $ 9,000 $ 34,000 306,000
1996-97 $ 25,000 $ 9,000 $ 34,000 272,000
1997- 98 $ 25,000 $ 9,000 $ 34,000 238,000
1998- 99 $ 25,000 $ 9,000 $ 34,000 204,000
1999 - 2000 $ 25,000 $ 9,000 $ 34,000 170,000
2000- 01 $ 25,000 $ 9,000 $ 34,000 136,000
2001 - 02 $ 25,000 $ 9,000 $ 34,000 102,000
2002- 03 $ 25,000 $ 9,000 $ 34,000 68,000
2003- 04 $ 25,000 $ 9,000 $ 34,000 34,000
2004- 05 $ 25,000 $ 9,000 $ 34,000 0
$ 250,000 $ 90,000 $ 340,000
The Emergency Equipment Fund borrowed $250,000.00 from the Land Fund during the
1993-94 Fiscal Year to purchase a pumper fn'e truck. This amortization schedule displays the
annual principal and interest payments from the Emergency Equipment Fund to the Land
Fund for reimbursement of the $250,000.00, plus interest for the purchase of a pumper fu'e
truck. Interest has been calculated at six percent (6%) to be paid back in ten (10) years.