HomeMy WebLinkAboutOrdinance #4305 ORDINANCE NO. 560 S
AN ORDINANCE APPROVING THE PURCHASE AND FINANCING OF A
NEW LEAF MACHINE
WHEREAS,the City of Canton, Fulton County, Illinois ("City"), is a non-home rule unit
of government;
WHEREAS, Section 11-61-3 of the Illinois Municipal Code (65 ILCS 5/11-61-3)
provides, in part:
The corporate authorities of each municipality having a population of less than 1,000,000
inhabitants shall have the express power to purchase or lease either real estate or personal
property for public purposes through contracts which provide for the consideration for
such purchase or lease to be paid through installments to be made at stated intervals
during a certain period of time, but, in no case, shall such contracts provide for the
consideration to be paid during a period of time in excess of 20 years nor shall such
contracts provide for the payment of interest at a rate of more than that permitted in "An
Act to authorize public corporations to issue bonds, other evidences of indebtedness and
tax anticipation warrants subject to interest rate limitations set forth therein", approved
May 26, 1970, as amended.' The indebtedness incurred under this Section when
aggregated with existing indebtedness may not exceed the debt limits provided in
Division 5 of Article 8 of this Code;
WHEREAS,the City is in need of a new leaf machine to be used for public purposes;
WHEREAS, the City has obtained quotes related to the purchase of a new leaf/debris
machine with related options, accessories and attachments (hereinafter collectively the "New
Leaf Machine");
WHEREAS, the City has obtained quotes regarding the financing of a portion of the
purchase of the New Leaf Machine;
WHEREAS, MidAmerica National Bank has offered a five (5) year loan at 2.77%
interest;
WHEREAS, the corporate authorities find it to be clearly in the public's interest to
proceed with the purchase of the New Leaf Machine as agreed, by this Ordinance, by at least a
vote of two-thirds (2/3) to waive competitive bidding requirements;
WHEREAS, the corporate authorities of the City of Canton have determined that it is
necessary and in the best interest to purchase the New Leaf Machine for the City of Canton,
substantially as set forth in"Exhibit A."
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF CANTON, FULTON COUNTY, ILLINOIS AS FOLLOWS:
1. The City of Canton hereby finds as fact the recitals set forth above and are incorporated
herein as though fully set forth;
2. Any applicable competitive bidding requirements set forth by Illinois law and the Canton
Municipal Code are hereby waived;
3. The quote for the purchase of the New Leaf Machine in the amount of $107,157.57,
substantially as attached hereto as "Exhibit A," plus necessary taxes, titles, and fees, is
hereby APPROVED;
4. The Mayor is hereby authorized to execute and deliver any and all purchase agreements,
purchase orders, or other documents necessary to purchase the New Leaf Machine;
5. The Mayor and/or City Treasurer are also authorized to execute any and all loan
agreements, security agreements, and other necessary documents (collectively the "Loan
Documents") to finance all or a portion of the purchase of the New Leaf Machine with
MidAmerica National Bank for up to five (5) years at an interest rate of up to 2.77% per
year;
6. This Ordinance shall be in full force and effective immediately upon its passage by the
City Council of the City of Canton and approval by the Mayor thereof.
PASSED AND APPROVED THIS 6th day of September, 2022.
AYES: Mayor McDowell,
NAYS: 6
ABSENT: Z
APPRO ED:
BY: it J . A
K- .t cDowell, Ma •
ATTEST: '
Andrea J. mith-Walters, Acting City Clerk
EXHIBIT A