HomeMy WebLinkAbout2003-02• Ordinance 2003-02
Ordinance Authorizing Borrowing of Funds for Purchase of Heavy Equipment
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ADOPTED: February 4, 2003
EFFECTNE: February 4, 2003
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ORDINANCE 2003-02
AN ORDINANCE AUTHORIZING BORROWING OF FUNDS FOR PURCHASE OF
. HEAVY EQUIPMENT
WHEREAS, the Town of Pulaski has found it necessary to seek alternate funding for
purchase of a dump truck with salter and that the previous vendor has withdrawn from the lease-
purchase market; and
WHEREAS, Town Council has found that purchase of this equipment is necessary to
replace aging equipment and in otherwise compatible with the public interest; and
WHEREAS, Bank of America, has submitted a financing proposal for purchase of the
unit on the following conditions:
Rate: 4.90% annual interest
Term: 36 Months
Amount: $68,000
Monthly Payments (approximate): $2,065
Title shall be used as security for the loan
NOW, THEREFORE be it ORDAINED by the Town Council of the Town of Pulaski,
Virginia sitting in regular session this 4~' day of February, 2003 that the Town shall be authorized
to borrow funds from the Bank of America to purchase a dump truck with salter under the
following terms and conditions:
Rate: 4.90% annual interest
• Term: 36 Months
Amount: $68,000
Monthly Payments (approximate): $2,065
Title shall be used as security for the loan
It is further ORDAINED by the Town Council of the Town of Pulaski, Virginia that the
Town Manager is hereby authorized by the Town Council to sign andlor execute, on the Town's
behalf, any and all documentation required for the borrowing of funds and purchasing of the
equipment under the aforementioned terms and conditions.
This ordinance is effective upon adoption and is hereby adopted this 4th day of February,
2003, by the duly recorded vote of the Town Council of the Town of Pulaski, as follows:
Bettye H. Steger -Aye
John T. Bolen -Aye
Pauline G. Mitchell -Aye
Jeffrey S. Worrell -Aye
Kenneth M. Fleenor -Aye
James M. Neblett, Jr. -Aye
E. G. Black, Jr. -Aye
Town of Pulaski, Virginia
ATTESTED:
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Patricia Cruise, Clerk of Council
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Charles W. Stewart, Jr.
Mayor
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I, Patricia Cruise, Clerk of Council, certify that the foregoing Ordinance 2003-02,
Ordinance authorizing borrowing of funds for purchase of heavy equipment, is a true and
correct copy as adopted by the Pulaski Town Council at their regular meeting on
February 4, 2003.
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Patricia Cruise, Clerk of Council
tclclordinancelcertification 2003-15