ORD 2008-08TOWN OF TROPHY CLUB, TEXAS
ORDINANCE NO. 2008- 08
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 First Financial Bank (Interest Rate of 4.00%) 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 First Financial Bank
(Interest Rate of 4.00%).
Section 3. The Town Manager or his designee is hereby authorized to
purchase the needed equipment and to execute the appropriate documents with
First Financial Bank (Interest Rate of 4.00%).
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 3rd day of March, 2008.
Gl
Town Secretary
Town of Trophy Club, Texas
APPROVED AS TO FORM:
Town Attorney
Town of Trophy Club, Texas
Nick Sanders, Mayor
Town of Trophy Club, Texas
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