HomeMy WebLinkAbout037 - 04/02/1985 - AUTHORIZING AGREEMENT FOR THE LEASE/PURCHASE OF VEHICLES AND EQUIPMENT ORDINANCE NO. 37, 1985
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO ENTER INTO
AN AGREEMENT FOR THE LEASE/PURCHASE OF
VEHICLES AND EQUIPMENT
WHEREAS, the City is authorized under the provisions of Title 31 ,
Article 15 , part 8 , C .R .S . , to acquire necessary equipment and other
property for its governmental and proprietary purposes under the provisions
of a long term rental or leasehold agreement with an option to purchase
such equipment and provide for the payment of said property from any
available municipal income; and
WHEREAS, the City has received a proposal from GELCO Municipal Ser-
vices whereby GELCO Municipal Services will lease to the City the following
described equipment:
QUANTITY DESCRIPTION
19 1985 Celebrity Police Sedans
1 72" Riding Mower (Diesel )
1 72" Riding Mower (Gas)
1 Olathe Sweeper, Model 48
6 1985 Ford F250 3/4 T. Trucks
3 1985 Chevrolet S10 Pickups
1 1985 GMC Van w/mtd. Versalift
1 Sperry System 80/Model 8 computer
1 Taylor Trailer, Model LP-EQ-1223
1 1985 F350 1 T. Cab/Chassis w/Stake body
1 1985 IH 3 T. Cab/Chassis w/Dump body
1 Barco Tree Loader & Cab/Chassis
and
WHEREAS, the City Council has determined that the City is in need of
the above listed equipment in order that they may be used by various City
departments; and
WHEREAS , the City Council has determined that it is in the best
interest of the City to lease said equipment from which is providing
financing for the acquisition of said equipment; and
WHEREAS, the City desires to enter into an equipment lease agreement
with GELCO Municipal Services with respect to the leasing of said equip-
ment; and
WHEREAS, the terms of the equipment lease agreement will provide as
follows:
The City shall lease from GELCO Municipal Services the following
equipment:
QUANTITY DESCRIPTION
19 1985 Celebrity Police Sedans
1 72" Riding Mower (Diesel )
1 72" Riding Mower (Gas)
1 Olathe Sweeper, Model 48
6 1985 Ford F250 3/4 T. Trucks
3 1985 Chevrolet S10 Pickups
1 1985 GMC Van w/mtd. Versalift
1 Sperry System 80/Model 8 computer
1 Taylor Trailer, Model LP-EQ-1223
1 1985 F350 1 T. Cab/Chassis w/Stake body
1 1985 IH 3 T. Cab/Chassis w/Dump body
1 Barco Tree Loader & Cab/Chassis
The agreement shall be for an original term from the date of execution
of the agreement through December 31 , 1991. The agreement shall
provide for renewable one year terms as follows:
RENEWABLE
ONE YEAR
ITEM TERMS
Police Patrol Cars December 31, 1989
Riding Mower (Diesel ) December 31 , 1989
Riding Mower (Gas) December 31 , 1989
Olathe Sweeper December 31, 1989
3/4 T. Trucks December 31, 1990
1/2 T. Compact Trucks December 31 , 1990
Van w/Aerial Bucket December 31, 1990
Sperry Computer December 31 , 1990
Mower Trailer December 31, 1991
1 T. Dump Truck December 31, 1991
3 T. Dump Truck December 31 , 1991
Barco Tree Loader/Cab Chassis December 31 , 1991
The City shall make equal quarterly payments for each of the consecu-
tive terms of such agreement.
If the City shall lease the equipment for the original term and
all successive renewal terms, the payment to GELCO Municipal Services
will total the sum of the principal of Eight Hundred Twenty-Six
Thousand One Hundred Ninety-Nine Dollars ($826,199.00) plus interest
at a fixed rate equal to 8.682%.
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The City shall have an option to purchase the equipment on any
quarterly payment date of any term. The option to purchase shall be
exercised by paying the quarterly payment due on said date and the
unpaid principal due after said date.
If the City shall renew the agreement for all the renewal forms ,
the City shall be deemed to have exercised the option to purchase
the equipment and have all right, title and interest to said equipment.
This agreement shall not be a pledge of the City's revenues.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. That the City Manager be , and he hereby is , authorized to
enter into a lease/purchase agreement for the above described equipment in
accordance with the terms and provisions set forth herein above.
Section 2. That all proceeds necessary to purchase said above des-
cribed equipment, be, and they hereby are, appropriated in the funds of the
respective departments acquiring said equipment.
Introduced, considered favorably on first reading and ordered pub-
lished this 19th day of March, A.D. 1985, and to be presented for final
passage on the 2nd day of April A.D. 1985.
Mayor
ATTEST:
City
��Clerk
IcGe� -
City —�
Passed and adopted on final reading the 2nd day of April , A.D.
1985.
Mayor
ATTEST:
City Clerk
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