HomeMy WebLinkAboutOrdinance No. 786 CITY OF THE COLONY, TEXAS
ORDINANCE NO. 7Z(~
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, AUTHORIZING THE EXECUTION OF A
PROMISSORY NOTE BY THE CITY MANAGER FOR THE PURPOSE OF
OBTAINING FUNDS FOR THE PURCHASE OF CERTAIN ITEMS OF
CAPITAL EQUIPMENT FOR THE RESPECTIVE CITY DEPARTMENTS;
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City is authorized by the Texas Public Property Finance Act, Chapter
271, subchapter A of the Texas Local Government Code, to finance the acquisition of
personal property; and
WHEREAS, the property to be acquired by the City is eligible for financing under
the Act, and the City Council deems the public interest to be best served by the acquisition
of such personal property as hereafter set out;
NOW, THEREFORE~ BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS:
Section 1. that the City Manager is hereby authorized to execute a promissory note
with the First Colony Bank in the aggregate principal amount of $105,000, the terms of
which are contained in a copy of said promissory note being attached hereto and labeled
Exhibit "A".
Section 2. that the funds so obtained shall be used for the purchase of certain items
of capital equipment for the various departments of the City, with the departments and the
specific items of equipment being fully set out in the hereto attached Exhibit "B".
Section 3. (a) the City Council hereby declares and covenants that it will provide
and levy a tax legally and fully sufficient for payment of the note, it having been determined
that the existing and available taxing authority of the City for such purpose is adequate to
permit a legally sufficient tax in consideration of all other outstanding obligations of the
City.
(b) In order to provide for the payment of the debt service requirements on the
note, being (i) the interest on the note, and (ii) a sinking fund for their payment at maturity
or a sinking fund of two percent (whichever amount is greater), there is hereby levied for
the current year and each succeeding year thereafter, while the note or interest thereon
remains outstanding and unpaid, an ad valorem tax on each one hundred dollars valuation
of taxable property within the City at a rate sufficient, with the limit prescribed by law, to
pay such debt service requirements, full allowance being made for delinquencies and costs
of collection.
(c) The tax levied by this section shall be assessed and collected each year for the
payment of the debt service requirements on the note, and the tax shall not be directed to
any other purpose.
Section 4. That this ordinance shall take effect immediately from and after its
adoption, and it is so ordained.
PASSED AND APPROVED by the City Council of the City of The Colony, Texas,
this 18th day of January, 1993.
Joel Mt s, Mayor Pro-rem
Patti A. Hicks, CMC/AAE, City Secretary
[SEAL]
APPROVED AS TO FORM:
City Attorney, City of The Colony, Texas
1992-93 ANNUAL BUDGET
GENERAL FUND
CAPITAL OUTLAY
DESCRIPTION COST
GENERAL ADMINISTRATION
SOUND SYSTEM EQUIPMENT-COUNCIL CHAMBERS $500.00
CITY SECRETARY
AMPLIFIER FOR HEARING IMi~AIRED $750.00
PERSONAL COMPUTER 1,000.00
$1,750.00
PARKS AND RECREATION DEPARTMENT
WEED TRIMMER (2) $580.00
SPILL CONTAINMENT SYSTEMS (2) 630.00
HAND HELD SPRAY TANK 150.00
200 GA?.?.ON SPRAY TANK 850.00
POLY DRUM TRUCK & DISPENSER 300.00
CHEMICAL HOSE REEL 600.00
$3,110.00
SWIMMING POOL
TWO TIER PERSONAL LOCKERS (2) $2,000.00
INSPECTIONS DEPARTMENT
PERSONAL COMPUTER $1,000.00
FIRE DEPARTMENT
HYDRAULIC RESCUE TOOL $7,110.00
SCBA OXYGEN BOTTLES (6) 3,720.00
I~ADIO INTERCOM SYSTEM 3,500.00
$14,330.00
F
1992-93 ANNUAL BUDGET
GENERAL FUND
CAPITAL OUTLAY
DESCRIPTION COST
POLICE DEPARTMENT
COMPUTER SYSTEM $30,000.00
CHAIRS (2) 600.00
WORK STATION
1,100.00
SAFETY VESTS (2) 1,000.00
$32,700.00
LIBRARy
BOOK TRUCKS (4) $600.00
COMPUTER WORK STATIONS (4) 6,410.00
PUBLIC COMPUTER TABLES (2) 670.00
$7,680.00
PUBLIC WORKS DEPARTMENT
TWO AXLE TRAILER $1,800.00
3/4 TON PICKI/P/CR~%; CAB 17,500.00
$19,300.00
GENERAL FUND TOTAL $82,370.00
-29-
1992-93 ANNUAL BUDGET
UTILITY FUND
CAPITAL OUTLAY
DESCRIPTION
COST
WATER DEPARTMENT
DITCH SHORING EQUIPMENT $5 000.00
3-WAY WENCH RECOVERy SYSTEM '
RECOVERy SYSTEM TRIPOD 2,530.00
GAS DETECTOR 475.00
1,475.00
$9,480.00
WASTEWATER DEPARTMENT
ICE MAKER
REFRIGERATOR, 16 CU. FT. $1,050.00
LOOP C~ CALIBRATOR 800.00
950.00
OPERATING PRESSURE WASHER 1,250.00
$4,050.00
UTILITY ADMINISTRATION
COMPUTER PRINTER $500.00
VEHICLE MAINTENANCE DEPARTM]~NT
FREON RECOV~-Ry MACHINE
PULLER SET $4,100.00
420.00
AIR IMPACT WRENCHES (2) 600.00
5 TON JACK STANDS (2) 210.00
COBALT DRILL BIT SET
220.00
$5,550.00
UTILITY FUND TOTAL $19,580.00
-42-
~mi, PI/JB BORR ~ 21~ 62_5 17~ ,,, .
~tr ti,~ ()t-,;1HE tOLONY ' ' ':50.56z_;ro8 130~5
FIRST COLONY BANK-7
THE ~OLONY. TEXAS 7SOSe ~~S '7~- u~,u;,~ D.,. JANU~Y i9,~5
TERMS FOLLOWING A ~ APPLY ONLY IF CHECKED "includes each Bo,owe~ above, jointly and severMly.
NOTE - For v e v s I
. i The final paymenl of tim ..flre unoaid balance Gl principal and in e est will be due J~U~Y 19~ 1~5 ',, thereafltr'
(b) ~ {olher) , '
,,TE,~ST. ,,,e,e,, acc,,,s on.... ~65 DAY 1~00-- basis. THE PU.POS~ OF TH,S LOAN,S-
~ST-MATURITY INTEREST - Inleresl wiff a~rue at ~he rate Gl %
per ear on Ihe balance
acce~;ratioh. Gl th~s note nol paid at maludty, fncludlng maludly by
~ECURITY - You have certain r,ghtsjna~ may a~lecl my properly as explained on page 2. This loan [~ ~ is nol lurlher se~u~ed. ". . ~ ,r
. daled
(bi ~ ~cu~ly Agreemenl - I give you a secu~it~ Inlerest In Ihe Property described below. The dghls I am giving you in this Prope~y and the obligafio~ Ihis agreemenl secures
. a~e defined on page 2 Gl this agreemenl
'U' , . . .
~INE~ ''
ANNUAL PERCENTAGE RATE , FINANCE CHARGE ' AMOUdT FINANCEG TOTAL OF PAYMENTS
' '5.~ % * ' 6,6~.~ , "105,~.~ 111,6~.~ ~ YES-Iwa. I
' ~ ' ~,/. ~,o~=.u~ i'DN~iLY $ E anileml~alion.
~ ~' ' ...... . FI~ r~r~nl ~E 1~9/9~