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HomeMy WebLinkAbout085 - 05/16/1989 - AUTHORIZING THE PURCHASING AGENT TO ENTER INTO AN AGREEMENT FOR THE LEASE-PURCHASE OF A COPY MACHINE ORDINANCE NO. 85, 1989
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE PURCHASING AGENT TO ENTER INTO AN AGREEMENT
FOR THE LEASE/PURCHASE OF A COPY MACHINE
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) to lease to the City the following described
equipment:
QUANTITY DESCRIPTION
1 Each .090 Xerox Copy Machine
hereinafter referred to as the "Equipment" ; and
WHEREAS, the City Council has determined that the City is in need of
the Equipment in order that the same may be used to upgrade the existing
copy machine; and
WHEREAS, the City Council has determined that it is in the best
interest of the City to lease the Equipment from MNC Leasing, which is
providing financing for the acquisition of the Equipment; and
WHEREAS, the City desires to enter into an equipment lease agreement
with MNC Leasing with respect to the leasing of the Equipment; and
WHEREAS, the City Council has determined that the lease payments in
the sum of Four Thousand Six Hundred Ten and 01/100 ($4,610.01) per
quarter are reasonable and proper and represent the fair rental value of
the Equipment.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
That the Purchasing Agent be, and he hereby is, authorized to enter
into a lease/purchase agreement for the certain equipment in accordance
with the following terms and provisions:
The City shall lease one (1) 1090 Xerox Copy Machine, hereinafter
referred to as the "Equipment", from MNC Leasing.
This agreement shall be for an original term from the date of
execution of the agreement through December 31, 1989. The agreement
shall provide for two (2) renewable one-year terms and a final term of
less than one (1) year, through the life of the Equipment. The total
period of the lease shall not exceed three (3) years.
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 , Forty-Eight Thousand Seven Hundred Thirty and
No/100 ($48,730.00) plus interest at a fixed rate equal to 8.03%.
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 terms, the
City shall be deemed to have exercised the option to purchase said
Equipment at the end of the lease.
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 2nd day of May, A.D. 1989, and to be presented for final
passage on the 16th day of May, A.D. 1989.
Mayor
ATTEST:
"�City Clerk
Passed and adopted on final reading this h day of May, A.D. , 1989.
Mayor
ATTEST:
City Clerk