HomeMy WebLinkAbout168 - 12/20/1988 - AUTHORIZING AGREEMENT FOR THE LEASE/PURCHASE OF COPY MACHINES WITH A COIN OP ATTACHMENT ORDINANCE NO. 168, 1988
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE DIRECTOR OF PURCHASING AND RISK MANAGEMENT
TO ENTER INTO AN AGREEMENT FOR THE LEASE/PURCHASE OF
COPY MACHINES WITH A COIN OP ATTACHMENT
WHEREAS, the City of Fort Collins 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 to provide for the payment of said property
from any available municipal income; and
WHEREAS, the City has received a proposal from Maryland National
Leasing Corporation (MNC Leasing) to lease to the City the following
described equipment:
QUANTITY DESCRIPTION
2 each Kodak Model 50 Copiers
2 each Polytech 312 Coin Op Units
and
WHEREAS, the City Council has determined that the City is in need of
the above listed equipment; and
WHEREAS, the City Council has determined that it is in the best
interest of the City to lease said equipment from MNC Leasing, which is
providing financing for the acquisition of said equipment; and
WHEREAS, the City desires to enter into an equipment lease agreement
with MNC Leasing with respect to the leasing of said equipment.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Director of Purchasing and Risk Management be, and he
hereby is, authorized to enter into a lease/purchase agreement with MNC
Leasing for the following equipment:
QUANTITY DESCRIPTION
2 each Kodak Model 50 Copiers
2 each Polytech 312 Coin Op Units
In accordance with the following terms and provisions:
The agreement shall be for an original term from the date of execution of
the agreement through December 31, 1989. The agreement shall provide for
renewable one-year terms through December 31, 1992. The City shall make
equal quarterly payments for each of the consecutive terms of such
agreement. If the City leases the equipment for the original term and all
successive renewal terms, the principal payment to MNC Leasing will total
Nineteen Thousand One Hundred Sixty-two Dollars and Sixty Cents
($19,162.60) , plus interest at a fixed rate equal to 8.00% per year. The
City shall have the 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 renews the agreement for all the renewal
terms and make all payments during said terms, the City shall be deemed to
have exercised the option to purchase said equipment. The agreement shall
not constitute a pledge of the City's revenues.
Introduced, considered favorably on first reading, and ordered
published this 6th day of December, A.D. 1988, and to
presented for
final passage on the 20th day of December, A.D. 19884�&-
Mayor
ATTEST:
City cler J\---� `
Passed and adopted on final reading this 20th day December, A.D.
1988.
Mayor
TTEST:
City Clerk