RESOLUTION NO. 2008 - 12


WHEREAS, the City Council of Elkins desires to obtain the benefits of a new tractor with side mounted mower for use by Street Department. WHEREAS, the tractor is being obtained through the only local vendor who carries this specialized equipment with a limited number of vendor options. WHEREAS, the City Council desires to acquire this equipment through a finance agreement with Arvest Bank which will be collateralized by security documents and a UCC filing. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELKINS, ARKANSAS, THAT:

1. The finance documents prepared by Arvest Bank as approved by the City Attorney to finance this purchase in the total principal amount of $65,635.22 with interest  thereon at the rate of four point six percent (.046), which is to be paid at the rate of $ 1222.63 per month with the first payment due on the __ day of _____ , 2008, and equal payments due on the __ day of each month thereafter for fifty-nine (59) months, are hereby approved by the City Council; this finance agreement is to acquire a New Holland T6020 tractor with an Alamo A-Boom 17 feet Boom Mower with a 60" cutterhead, and is confirmed in all respects; if the sales taxes are not financed, the City will have to pay any sales tax in addition to the aforesaid monthly payments. 2. That competitive bidding on the specialized equipment is hereby waived.

3. That Mayor and Recorder/Treasurer are authorized to take such steps as are necessary to execute the originals of the purchase finance documentation as approved by the City Attorney on behalf of the City obtaining for the citizens of Elkins the loan from Arvest Bank to purchase the specialized equipment described at No. 1 above and to make payments as provided for therein; and to execute such additional documents as are approved by the City Attorney, and are necessary and to secure such financing.

APPROVED this 17th day of  April, 2008