HomeMy WebLinkAboutOrdinance No. 104 ORDINANCE NO. ~ /
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, AUTHOR-
IZING THE CITY MANAGER TO EXECUTE A LEASE-PURCHASE AGREEMENT
BETWEEN THE CITY AND NORTH TEXAS BANK FOR THE LEASE-PURCHASE
OF A MODULAR BUILDING; AUTHORIZING THE CITY ~NAGER TO EXPEND
FROM THE GENERAL FUNDS OF THE CITY SUCH ~OUNTS AS AIdE NECES-
SARY TO PAY THE LEASE RENTAL WHICH WILL BECOME DUE DURING THE
CURRENT FISCAL YEAR; PROVIDING FOR THE EXECUTION OF A CERTI-
FICATE OF ACCEPTANCE BY THE CITY 5~NAGER; PROVIDING FOR THE
EXECUTION OF A FINANCING STATEmeNT BY THE CITY ~.~NAGER; AUTHOR-
IZING THE CITY ~'~ANAGER TO ENTER INTO A CONTRACT FOR THE MOVING
OF SAID BUILDING FROM LEWISVILLE TO THE COLONY; AUTHORIZING
THE CITY UANAGER TO EXPEND FROM THE GENERAL FUND OF THE CITY
SUCH AMOUNT AS IS NECESSARY TO PAY THE APPROVED BID AMOUNT
FOR MOVING THE BUILDING~ PROVIDING A SEVERABILITY CLAUSE;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City has received a bid from North Texas
Bank of Lewisville for the Lease-Purchase of a modular building,
which bid was accepted by the City Council; and
~EREAS, it is the desire of the City Council that the
City of the Colony, Texas, enter into a Lease-Purchase Agree-
ment with North Texas Bank in accordance with the terms of
such bid; and
WHEREAS, it is the desire of the City Council to accept
a bid for the moving of said building and authorize the City
Manager to expend from the General Fund such amounts as are
necessary to pay the Lease-Purchase payments for the current
fiscal year and the bid amount for moving of the building,
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY CO~CIL OF THE CITY OF THE
COLONY, TEXAS:
SECTION 1. The City Manager of the City of The Colony,
Texas, is hereby authorized to execute that certain Lease--Purchase
Agreement between North Texas Bank and the City of The Colony,
Texas, a copy of which is attached hereto as Exhibit "1" and
made a part hereof for all purposes. Upon delivery of the
modular building described in Exhibit "1", the City Manager
is further authorized to execute the Certificate of Acceptance,
a copy of which is attached hereto as Exhibit "2'~. The City
Manager is further authorized to expend from current revenues
such funds as are necessary to make such lease rental payments
during the current fiscal year, that is, through September 30,
1980.
SECTION 2. It is understood that the Lease-Purchase
Agreement will be assigned to Mercantile Texas Capital Cor-
poration concurrently with its execution between the City and
North Texas Bank. The City Manager is further hereby authorized
to execute a Financing Statement, Form UCC-l, showing North
Texas Eank as secured party and Mercantile Texas Capital Cor-
poration as Assignee. A true copy of said form UCC-1 is at-
tached hereto as Exhibit ~'3" and made a part hereof for all
purposes.
SECTION 3. The City Council has further awarded the Contract
for moving the building referred to in Exhibit "1" from its
present locatJ, on in Lewisville to its permanent site in the
City of The Colony. The City Manager is authorized to enter
into a Contract for the moving of said modular building from its
present location to its permanent site in the Colony in accordance
with the provisions of the bid, a copy of which is attached here-
to as Exhibit '~4" and made a part hereof for all purposes. The
City Manager is further authorized to expend from current revenues
such funds as are necessary to pay the full cost of the Contract
for the moving of the modular building.
SECTION 4. If any section, part of any section, paragraph
or clause of this ordinance is declared invalid or unconstitutional
for any reason, such declaration shall not be held to invalidate
or impair the validity, force or effect of any other sections,
part of sections, paragraphs or clauses of this ordinance.
SECTION 5. This ordinance shall take effect immediately
from and after its passage and the publication of the caption,
as the law and charter in such cases provide.
DULY PASSED ON FIRST READING ON THE ~ DAY OF
+i , 1980.
APPROVED:
DULY RECORDED:
CITY SECRETARY
~-~ROWD AS TO L~GALITY
i~._~~~'~OF/TH~ FO~IA z ~~_\' ", I I
CITY ATTORNEY