HomeMy WebLinkAbout061 - 05/03/1988 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT FOR THE LEASE/PURCHASE OF VEHICLES AND EQUIP ORDINANCE NO. 61, 1988
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 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
3 ea. 1988 Chevrolet S-10 Extended Cab Pickups
1 ea. 1988 One Ton Cab/Chassis w/Platform Lift & Body
1 ea. 1988 One Ton Cab/Chassis w/Utility Body
1 ea. 1988 Backhoe
and
WHEREAS, the City Council has determined that the City is in need of
the above listed equipment in order that the same 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 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 as follows:
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 following terms and provisions:
The City shall lease from MNC Leasing the following equipment :
QUANTITY DESCRIPTION
3 ea. 1988 Chevrolet S-10 Extended Cab Pickups
1 ea. 1988 One Ton Cab/Chassis w/Platform Lift & Body
1 ea. 1988 One Ton Cab/Chassis w/Utility Body
1 ea. 1988 Backhoe
This agreement shall be for an original term from the date of
execution of the agreement through December 15, 1995. The
agreement shall provide for renewable one-year terms as follows:
ITEM RENEWABLE ONE YEAR TERMS
1988 Chevrolet S-10 Pickups December 31 , 1992
1988 One Ton Cab/Chassis w/Platform December 31 , 1992
1988 One Ton Cab/Chassis w/Utility Body December 31, 1992
1988 Backhoe December 31, 1994
The City shall make equal quarterly payments for each of the
consecutive terms of such agreement.
If the City shall lease the equipment for the original term and
all successive renewal terms, the payment to MNC Leasing will
total the sum of the principal One Hundred Twenty-four Thousand
Seventy-five Dollars ($124,075. ) plus interest at a fixed rate
equal to 7.95%.
•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 said
equipment.
This agreement shall not be a pledge of the City's revenues.
Section 2. That all proceeds necessary to purchase said above
described 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
published this 19th day of April , A.D. 1988, and to be presented for final
passage on the 3rd day of May, A.D. 1988.
Mayor
ATTEST-
City Clerk QS
Passed and adopted on final reading this 3rd day of May, A.D. 1988.
Mayor
ATTEST:
City Clerk