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HomeMy WebLinkAboutRES 2018-013 RESOLUTION NO. 2018-013 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, AUTHORIZING THE CITY MANAGER OR THE CITY MANAGER'S DESIGNEE TO PURCHASE SOFTBALL FIELD LIGHTING THROUGH AN ESTABLISHED INTERLOCAL AGREEMENT; AUTHORIZING THE CITY OF GRAPEVINE, TEXAS TO ENTER INTO A PUBLIC PROPERTY FINANCE ACT CONTRACT; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Grapevine, Texas (the "City") is a local government in the State of Texas (the "State") and as such is empowered by the Texas Local Government Code, Chapter 271 and Texas Government Code, Chapter 791 to enter into an interlocal agreement with other qualified agencies in the State of Texas; and WHEREAS, the City is authorized under the Constitution and laws of the State, particularly by the Texas Local Government Code, Chapter A, Chapter 271, as amended, to enter into financing agreements to finance the acquisition and installation of personal property; and WHEREAS, The Local Government Purchasing Cooperative (BuyBoard) is a qualified purchasing cooperative program as authorized by Texas Local Government Code, Chapter 271 and Texas Government Code, Chapter 791; and WHEREAS, the City has established an interlocal agreement with The Local Government Purchasing Cooperative (BuyBoard) and wishes to utilize established contracts meeting all State of Texas bidding requirements; and WHEREAS, The Local Government Purchasing Cooperative (BuyBoard) has an established contract no. 512-16, Parks and Recreation Equipment and Field Lighting Products and Installation, with Musco Lighting; and WHEREAS, the City has a need to replace softball field lighting for the Parks and Recreation department; and WHEREAS, the City Council of the City hereby finds and determines that it is in the best interest of the City of enter into a Public Property Finance Contract with First Security Finance, Inc. in substantially the form as presented at this meeting for the purpose of providing financing for the acquisition and installation of certain personal property at City facilities as identified above. WHEREAS, the City finds that it is in the best interests of the City to finance the 0 Personal Property by entering into the Finance Contract with First Security Finance, Inc., an Arkansas corporation; and #5644047.2 WHEREAS, all constitutional and statutory prerequisites for the approval of this resolution have been met, including but not limited to the Open Meetings Act; and WHEREAS, the City Council deems the adoption of this resolution to be in the best interests of the health, safety, and welfare of the public. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That all matters stated hereinabove are found to be true and correct and are incorporated herein by reference as if copied in their entirety. Section 2. That the City Council of the City of Grapevine authorizes the purchase of softball field lighting from Musco Lighting through an interlocal agreement with The Local Government Purchasing Cooperative (BuyBoard) for an amount not to exceed $2,499,251.00. Section 3. That the City Manager or his designee is authorized to take all steps necessary to consummate the purchase of said softball field lighting. Section 4. Under the authority of the Constitution and laws of the State, including particularly the Authorizing Legislation, there is hereby authorized the execution of the Finance Contract with First Security Finance, Inc. substantially in the same form as that which was presented to this meeting. The Finance Contract shall mature on March 1, 2028, in the aggregate amount of $2,500,000.00 and shall bear interest at the rate of 3.95% per annum commencing on March 1, 2019 and is payable on the dates and in the amounts provided in the Finance Contract. Section 5. To provide for the payment of the principal and interest installment amounts of the Finance Contract (the "Payments"), there shall be and there is hereby levied for the current year and each succeeding year thereafter while the Finance Contract shall remain in effect, a sufficient tax, within the limitations prescribed by law, on each one hundred dollars valuation of taxable property in the City, adequate to pay the Payments, full allowance being made for delinquencies and costs of collection; said tax shall be assessed and collected each year and applied to the payment of the Payments, and the same shall not be diverted to any other purpose. The taxes so levied and collected shall be paid into the Payment Fund and are thereafter pledged to the payment of the Finance Contract. The City Council hereby declares its purpose and intent to provide and levy a tax legally and fully sufficient to pay such Payments, 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 indebtedness. Section 6. The Mayor, the City Secretary, and the City Manager, for and on behalf of the City, are hereby authorized and directed to do any and all things necessary to effect the execution and delivery of the Finance Contract and the exhibits thereto and the performance of all other acts of whatever nature necessary to effect and carry out the Resolution No. 2018-013 2 #5644047.2 authority conferred by this Resolution. The Mayor, the City Secretary, and the City Manager are hereby authorized and directed, for and on behalf of the City, to execute all papers, documents, certificates, and other instruments that may be required for the carrying out of such authority or to evidence the exercise thereof. Section 7. The provisions of this Resolution are hereby declared to be severable, and if any such provision shall be for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder of this Resolution. Section 8. All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 9. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 20th day of February, 2018. APPROVED: Willis D. Tate Mayor ATTEST: O� GRAP2 \cc` //,k_O, • (311 -"45. • Tara Brooks �`� `' City Secretary * * * APPROVED AS TO FORM: City Attorney l" Resolution No. 2018-013 3 #5644047.2