HomeMy WebLinkAbout006 - 02/06/1990 - AUTHORIZING THE PURCHASING AGENT TO ENTER INTO AN AGREEMENT FOR THE FINANCING BY LEASE/PURCHASE OF V ORDINANCE NO. 6, 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 MNC Leasing to lease to
the City the following described equipment and vehicles:
QUANTITY DESCRIPTION
7 each 2-way Radios
10 each Light Bars
7 each Prisoner Restraint Screens
12 each Unitrol Siren Equipment
25 each Radio Boxes
6 sets Push Bumpers
7 each Mobile Display Terminals
1 each Above ground Vehicle Hoist
2 each Personal Computers
1 each Emissions Testing Equipment
1 each Copier
23 each Police Patrol Vehicles
2 each Police Patrol Vans
10 each Personal Computers
24 each Reflection software packages
2 each DEC Multiplexors
4 each RS-232 Interface Cards for PBX
9 each Midsize Staff Cars
1 each Greens Mower w/Groomer
1 each 5 Gang Mower
1 each 3/4T. Pickup with Dump Body
2 each Midsize Pickups
1 each 72" Mower
1 each 1/2T. Pickup
1 each Compact 4 dr. Wagon
1 each Midsize 4x4 Wagon
1 each Cable TV Graphics System
1 each Copier
1 each Backhoe/Loader
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 MNC Leasing, 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 $56,363.19 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 MNC Leasing 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, 1990. 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
2-way Radios December 31, 1993
Light Bars December 31, 1993
Prisoner Restraint Screens December 31, 1993
Unitrol Siren Equipment December 31, 1993
Radio Boxes December 31, 1993
Push Bumpers December 31, 1993
Mobile Display Terminals December 31, 1993
Above Ground Vehicle Hoist December 31, 1993
Personal Computers December 31, 1993
Emissions Testing Equipment December 31, 1993
Copier December 31, 1993
Police Patrol Vehicles December 31, 1994
Police Patrol Vans December 31, 1994
Personal Computers December 31, 1995
Reflection Software packages December 31, 1995
DEC Multiplexors December 31, 1995
RS-232 Interface cards (PBX) December 31, 1995
Midsize Staff Cars December 31, 1995
Greens Mower with Groomer December 31 , 1995
5 Gang Mower December 31 , 1995
3/4T. Pickup with Dump Body December 31, 1995
Midsize Pickups December 31, 1995
72" Mower December 31 , 1995
1/2T. Pickup December 31, 1995
Compact 4 dr. Wagon December 31, 1995
Midsize 4x4 Wagon December 31, 1995
Cable TV Graphics System December 31, 1995
Copier December 31, 1995
Backhoe/Loader December 31 , 1997
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 MNC
Leasing will total the sum of the principal , Eight Hundred Twenty-Four
Thousand Eight Hundred Dollars ($824,800. ) , plus interest at a fixed rate
equal to 7.2474% 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.
The agreement shall not constitute a pledge of the City' s revenues.
Introduced, considered favorably on first reading, and ordered
published this 16th day of January, A.D. 1990, and to be presented for
final passage on the 6th day of February, A. 1990.
ayor
ATTEST:
i
e City
Passed and adopted on final reading this day- of February, A.D. 1990.
ayor
ATTEST:
City Clerk