R-2023-65 Establishing Loan Terms UF & Solid Waste Fund Purchase of Solid Waste and Recycling CartsTOWN OF PROSPER, TEXAS
RESOLUTION NO. 2023-65
A RESOLUTION BY THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, APPROVING A LOAN AND SETTING THE TERMS OF REPAYMENT
BETWEEN THE UTILITY FUND AND THE SOLID WASTE FUND TO FINANCE
PURCHASE OF 95-GALLON TRASH AND RECYCLING CARTS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Council on June 27, 2023, awarded an exclusive franchise to
Republic Services for all residential and commercial trash and recycling in the Town; and
WHEREAS, the Town has determined that it is the Town's best interests to own the
residential and recycling containers used to service its residents; and
WHEREAS, the Solid Waste Fund does not have adequate funds on hand to pay for the
initial purchase of the containers.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The Town Council of the Town of Prosper, Texas, authorizes the Utility Fund to loan the
Solid Waste Fund $2,000,000 for the purpose of acquiring and deploying residential 95-gallon
trash and recycling containers throughout the Town. Any loan amount in excess of the amount
paid for the carts may be utilized for general working capital purposes.
SECTION 2
The loan will be made no earlier than the placement of the order for the carts with interest
of 5.25% percent accruing upon receipt of the funds.
SECTION 3
Repayment of principal and interest will be made monthly beginning April 30, 2024, for a
maximum term of ten (10) years. Prepayment is allowed without penalty.
SECTION 4
This Resolution shall take effect from and after the date of its passage.
DULY PASSED AND APPROVED, BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 26TH DAY OF SEPTEMBER, 2023.
APPROVED:
David F. Bristol, Mayor
ATTEST:
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
Terrence S. Welch, Town Attorney
Resolution No. 2023-65, Page 2