HomeMy WebLinkAbout118 - 11/06/1990 - AUTHORIZING THE PURCHASING AGENT TO ENTER INTO AN AGREEMENT FOR FINANCING BY LEASE-PURCHASE OF VEHIC ORDINANCE NO. 118 , 1990
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE PURCHASING AGENT TO
ENTER INTO AN AGREEMENT FOR THE FINANCING
BY 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 or property and
to provide for the payment of said property from any available municipal income;
and
WHEREAS, the City has received a proposal from Safeco Credit Company to
lease to the City the following described equipment and vehicles:
QUANTITY DESCRIPTION
1 each 3/4 T. Utility Truck
3 each Trucksters
1 each Small Loader
1 each Midsize Pickup
1 each 15 Passenger Van
10 each Golf Carts
1 each Aerator
1 each Golf Course Mower
21 each Police Patrol Cars
2 each Police Patrol Vans
15 each Police Light Bars
5 each Unitrol Siren Equipment
20 each Radio Boxes
10 each Prisoner Restraint Screens
1 each Full size 1/2 T. Pickup
1 each Midsize Staff Car
2 each Midsize Pickups
1 each 4-wheel Truckster
I each 1 Ton Dump Truck
1 each 72" Mower
1 each 1 Ton 4x4 Service Truck
2 each Personal Computers/Printers
I each Barcoding Hardware/Software
1 each Midsize extended cab pickup
1 each Backhoe
hereinafter referred to as the "equipment" ; 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 Safeco Credit Company, which is also
providing financing for the acquisition of said equipment; and
WHEREAS, the City desires to enter into a lease agreement with respect to
the leasing and financing of said equipment; and
WHEREAS, the City Council has determined that the lease payments in the sum
of $53,690.00 per quarter are reasonable and proper and represent the fair rental
value of the subject equipment.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the Purchasing Agent be, and hereby is, authorized to enter into a lease-
purchase agreement with Safeco Credit Company for the above-described equipment
in accordance with the following terms and provisions:
This 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 thereafter, through the life of each item,
as indicated below:
ITEM END OF FINAL TERM, IF RENEWED
Personal computers/printers December 31 , 1993
Barcoding Hardware/software December 31, 1993
Golf Carts December 31, 1993
Police Patrol Cars December 31, 1994
Police Patrol Vans December 31, 1994
Police Light Bars December 31, 1994
Unitrol Siren Equipment December 31 , 1994
Radio Boxes December 31, 1994
Prisoner Restraint Screens December 31, 1994
Full size 1/2 T. Pickup December 31, 1994
3/4 T. Utility Truck December 31, 1995
Trucksters December 31, 1995
Small Loader December 31, 1995
Midsize Pickup December 31 , 1995
15 Passenger Van December 31 , 1995
Aerator December 31, 1995
Golf Course Mower December 31, 1995
Midsize Staff Car December 31, 1995
Midsize Pickups December 31, 1995
4-wheel Truckster December 31, 1995
1 Ton Dump Truck December 31, 1995
72" Mower December 31 , 1995
1 Ton 4x4 Service Truck December 31, 1995
Midsize extended cab pickups December 31, 1995
Backhoe December 31, 1995
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 payment to Safeco Credit Company will total the sum of
the principal , Seven Hundred Seventy-Seven Thousand, Six Hundred and
Thirty-five Dollars ($777,635) , plus interest at a fixed rate equal to
seven and three-tenths percent (7.3%) per year.
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 renews the agreement for all the renewal terms and makes all
payments during said terms, the City shall be deemed to have exercised the
option to purchase said equipment.
This agreement shall constitute only a current expense of the City and
shall not be construed to be a debt or pledge of the City's credit or
revenues.
Introduced, considered favorably on first reading, and ordered published
this 16th day of October, A.D. , 1990, and to be presented for final passage on
the 6th day of November, A.O. , 1990.
Mayor
ATT_ EST: n
City Clerk
Passed and adopted on final reading this 6th day of November, A.D. 1990.
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Mayor
A TEST:
City Clerk