HomeMy WebLinkAboutRES 98-287 RESOLUTION NO. 12
WHEREAS, on August 11, 1998, the City Council of the City of Beaumont, Texas,
authorized the execution of two financing agreements with Municipal Services Group, Inc.
(MSG)for the purchase of three (3)jet rodder trucks in the amount of$161,997, and one
(1) 1,500 g.p.m. fire pumper in the amount of$314,725.36; and
WHEREAS, Municipal Services Group, Inc. informed City staff prior to the execution
of financing documents that they would not agree to the original terms and conditions
which stated that the Lessor would not be shown as a lienholder and that the City would
retain the equipment titles; and
WHEREAS, Municipal Services was informed that if they did not comply with the
original terms and conditions set forth in the bid document, the City would consider them
in default and award to the next low bidder;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the City Manager be, and he is hereby authorized, to execute a financing agreement
with Banc One Leasing Corporation in the amount of 57 basis points below the 6% Coupon
Treasury Note maturing July 2002, as published in the Wall Street Journal on the date of
closing.
PASSED BY THE CITY COUNCIL of the City of Beaumont on this the/ day of
1998. ( l
- Mayor -