HomeMy WebLinkAbout144 - 01/07/1992 - AUTHORIZING AGREEMENT FOR THE FINANCING BY LEASE-PURCHASE OF VEHICLES AND EQUIPMENT ORDINANCE NO. 144, 1991
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 Public Finance Group, Inc.
to lease to the City the following described equipment and vehicles:
QUANTITY DESCRIPTION
1 each One Ton Dump Truck
1 each 7 Gang Mower
2 each 5 Gang Mower
1 each Tree Spade Truck
1 each Tree Chipper
12 each Golf Cars
1 each 44 Wagon
2 each Midsize Staff Cars
2 each Midsize Pickups
1 each 3/4 Ton Utility Truck
I each 3/4 Ton Pickup
1 each Full Size 44 Pickup w/ Plow
1 each Floor Scrubber
5 each 2-Way Radios
14 each Patrol Cars
3 each Police Mini -Vans
16 each Light Bars
16 each Siren Control System
16 each Radios
2 each Mobile Data Terminals
1 each 52" Trail Mower
1 each Sweepster Broom
1 each Mower Trailer
16 each Radio Boxes
16 each Restraint Screens
I each PC/Printer & Equip.
1 each Tire Balancer
1 each Anti -Freeze Recycler
1 each Videocassette Player
1 each BetaCam Recorder/Player
1 each BetaCam Player
1 each CamCorder Package
1 each CamCorder Lens
I each Dubner Animation
1 each Cozy Cab Torro Mower
2 each 30' Carpenter Buses
1 each Copy Machines
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 Public Finance Group, Inc. , which is
also providing financing for the acquisition of said equipment; and
WHEREAS, the City desires to enter into a lease-purchase 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 $57,410 per quarter are reasonable and proper and represent the fair rental
value of the subject equipment and sufficient funds to make the lease payments
for 1992 are appropriated and available in the City's 1992 budget.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That the Purchasing Agent be, and hereby is, authorized to
enter into a lease-purchase agreement with Public Finance Group, Inc. 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 February 6, 1997. The agreement shall provide for
renewable one-year terms thereafter, through the life of each item, as
indicated below. Each such renewal term shall be contingent on the annual
appropriation of funds needed for lease payments. The total lease term,
including the original and all renewal terms, shall not exceed the useful
life of the property.
ITEM END OF FINAL TERM, IF RENEWED
30' Carpenter Buses February 6, 1994
52" Trail Mower February 6, 1995
Sweepster Broom February 6, 1995
Mower Trailer February 6, 1995
Radio Boxes February 6, 1995
Restraint Screens February 6, 1995
PC/Printer & Equip. February 6, 1995
Tire Balancer February 6, 1995
Anti -Freeze Recycler February 6, 1995
Videocassette Player February 6, 1995
BetaCam Recorder/Player February 6, 1995
BetaCam Player February 6, 1995
CamCorder Package February 6, 1995
CamCorder Lens February 6, 1995
Dubner Animation February 6, 1995
Cozy Cab Torro Mower February 6, 1995
2-Way Radios February 6, 1996
Patrol Cars February 6, 1996
Police Mini -Vans February 6, 1996
Light Bars February 6, 1996
Siren Control Systems February 6, 1996
Radios February 6, 1996
Mobile Data Terminals February 6, 1996
One Ton Dump Truck February 6, 1997
7 Gang Mower February 6, 1997
5 Gang Mower February 6, 1997
Tree Spade Truck February 6, 1997
Tree Chipper February 6, 1997
Golf Cars February 6, 1997
4x4 Wagon February 6, 1997
Midsize Staff Cars February 6, 1997
Midsize Pickups February 6, 1997
3/4 Ton Utility Truck February 6, 1997
3/4 Ton Pickup February 6, 1997
Full Size 44 Pickup w/ Plow February 6, 1997
Floor Scrubber February 6, 1997
Copy Machine February 6, 1997
The City shall make equal quarterly payments throughout the term of such
agreement.
If the City leases the equipment for the original term and all successive
renewal terms, the payment to Public Finance Group, Inc. , will total the
sum of the principal , Eight Hundred Ten Thousand, Nine Hundred Dollars
($810,900.00) , plus interest at a fixed rate equal to 6.6715% per year
which is a reasonable amount.
The City shall have an option to purchase any piece or combination of
pieces or all of 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.
Section 2. That the effective date of this ordinance shall be February 6,
1992.
Introduced, considered favorably on first reading, and ordered published
this 17th day of December, A.D. , 1991, and to be presented for final passage on
the 7th day of January, A.D. , 1992.
4a. �
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 7th day of January, A.D. 1992.
LAvi
Mayor
ATTEST:
City Clerk