2014-031 - Authorizing a Lease Purchase Agreement with Liberty National Bank for the purchase of one fire engine

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RESOLUTION NO. 2014 -031 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AUTHORIZING THE CITY OF PARIS, TEXAS TO ENTER INTO A FINANCING AGREEMENT WITH LIBERTY NATIONAL BANK FOR THE PURCHASE OF ONE NEW FIRE PUMPER TRUCK; AUTHORIZING THE CITY MANAGER TO SIGN ALL NECESSARY DOCUMENTS TO FACILITATE ACQUISITION AND FINANCING OF THE FIRE TRUCK; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, as discussed during the FY 2014 -15 budget discussions, the Paris Fire Department needs a new fire pumper truck to replace equipment that has reached the end of its useful life; and WHEREAS, the Fire Department has obtained a proposal from Siddons- Martin Emergency Group, LLC, a Texas dealer for Pierce Fire Trucks through Buy Board Cooperative Purchasing Group that meets the Fire Department's needs for a Fire Pumper Truck; and WHEREAS, the proposal dated October 17, 2014 from Siddons- Martin Emergency Group, LLC, in the amount of $617,114.00 is attached hereto as Exhibit "A "; and WHEREAS, Liberty National Bank will finance the purchase over a ten -year period at 3.00% interest rate using a Municipal Lease - Purchase Agreement with the first payment becoming due in October 2015; and WHEREAS, the City Manager is hereby authorized and directed on behalf of the City Council of the City of Paris, Texas to sign any and all documents related to the acquisition of the fire pumper truck. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the findings set out in the preamble of this resolution are hereby in all things approved. Section 2. That the City is hereby authorized to purchase a new fire pumper truck from Siddons- Martin Emergency Group, LLC in accordance with the terms of the proposal attached hereto as Exhibit "A ". Section 3. That a Municipal Lease Agreement between Liberty National Bank and the City of Paris, Texas, substantially equivalent to the Agreement which is attached hereto as Exhibit "B" is hereby authorized and approved.