Ord 84-2006 10/17/2006 ORDINANCE NO. ��" a� �CO
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, MAKING AN APPROPRIATION IN THE GENERAL
FUND IN THE AMOUNT OF $450,000 FOR THE PURPOSE OF MAKING
FINAL PAYMENT TO ELECTRA CONSTRUCTION COMPANY FOR
CONSTRUCTION OF THE SKYBOXES IN THE KAY YEAGER
COLISEUM; FINDING AND DETERMINING THAT THE MEETING AT
WHICH THIS ORDINANCE WAS PASSED WAS OPEN TO THE PUBLIC
AS REQUIRED BY LAW.
WHEREAS, on October 10, 2001, the City of Wichita Falls, MPEC Corporation,
and Electra Construction entered into an agreement for the construction of 10 skyboxes
in the coliseum; and
WHEREAS, that agreement, including amendments, required Electra
Construction to construct the skyboxes in the amount of $1,059,952.27; and
WHEREAS, the agreement also required the City to repay Electra Construction
for the cost of construction at an interest rate of 7% annually from the proceeds of the
rental of the skyboxes; and
WHEREAS, the agreement allowed the City an option to use other funds to pay
off the outstanding obligation at any time; and
WHEREAS, the current outstanding obligation to the City to repay Electra
Construction is currently $450,000; and
WHEREAS, it is in the City's best interest to pay off this amount to avoid paying
additional interest costs.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. An appropriation in the amount of $450,000 is hereby approved in
the General Fund to pay off the outstanding obligation to Electra Construction for
construction of the skyboxes in the Kay Yeager Coliseum.
SECTION 2. It is hereby officially found and determined that the meeting at
which this ordinance was passed was open to the public as required by law.
PASSED AND APPROVED this the 17th day of October, 2006.
L. '
/ MAYOR
ATTEST:
City Clerk