HomeMy WebLinkAbout004 - 02/02/1993 - AUTHORIZING THE PURCHASE AGENT TO ENTER INTO AN AGREEMENT FOR THE FINANCING BY LEASE PURCHASE OF VEH ORDINANCE NO. 4, 1993
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 lease 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 Council of the City of Fort Collins passed on second reading
Ordinance No. 119, 1992, on the 15th day of December 1992, which authorized the
Purchasing Agent to enter into a lease-purchase agreement with First Interstate
Bank to lease to the City certain equipment and vehicles; and
WHEREAS, First Interstate Bank has since withdrawn its lease-purchase
proposal , as has the party submitting the next lowest proposal ; and
WHEREAS, the City received a third proposal from Safeco Credit Company
Inc. , to lease to the City the same equipment and vehicles; and
WHEREAS, the City continues to be 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 repeal Ordinance No. 119, 1992, and enter into a lease-purchase
agreement with Safeco Credit Company Inc. , for the following equipment and
vehicles:
QUANTITY DESCRIPTION
1 each 2-Way Radio
1 each 20' Mower Trailer
1 each Hand Tamper
1 each Copier
1 each Fuel Pump Dispensers
17 each MT1000 Portable Radio
2 each "Kustom" Laser Speed Det. Units
1 each "LTI" Laser Speed Det. Units
2 each Mobile Data Terminals
1 each Turf Aerator
1 each Turf Sweeper
2 each 1993 Trucksters
1 each 1993 Midsize Pickups
3 each 72" Mowers
2 each Hydraulic Snow Broom
1 each Mower Cab Kit
1 each 1993 Full Size 1/2 Ton Pickup
1 each Toro 5 Gang Mower
I each 1993 3/4 Ton Ext. Cab/Chassis
1 each 5 Gang Mower, Lt. Wt. Jacobsen
12 each Golf Cars
1 each Hydrojet 3000 Aerator
1 each 52" Rotary Mower
1 each Stepvan
2 each 1993 Kawasaki Motorcycles
2 each 1993 Midsize Staff Car
1 each 1993 Midsize Ext. Cab Pickup
1 each 1993 3/4 Ton Utility Truck
1 each 2 Yard Loader
1 each 1-1/2 Ton Chipper Truck
7 each Dispatch Consoles
hereinafter referred to as the "equipment" ; and
WHEREAS, the City Council has determined that the lease payments in the sum
of $50,594 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 1993 are appropriated and available in the City's 1993 budget.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That Ordinance No. 119, 1992 is hereby repealed in its
entirety.
Section 2. That the Purchasing Agent be, and hereby is, authorized to
enter into a lease-purchase agreement with Safeco Credit Company 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 16, 1994. The agreement
shall provide for renewable one-year terms thereafter, through the
life of each item, subject to 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
2-Way Radio February 16, 1996
20' Mower Trailer February 16, 1996
Hand Tamper February 16, 1996
Copier February 16, 1996
MT1000 Portable Radio February 16, 1996
"Kustom" Laser Speed Det. Units February 16, 1996
"LTI" Laser Speed Det. Units February 16, 1996
Mobile Data Terminals February 16, 1998
Fuel Pump Dispensers February 16, 1998
Turf Aerator February 16, 1998
Turf Sweeper February 16, 1998
1993 Trucksters February 16, 1998
1993 Midsize Pickups February 16, 1998
72" Mowers February 16, 1998
Hydraulic Snow Broom February 16, 1998
Mower Cab Kit February 16, 1998
1993 Full Size 1/2 Ton Pickup February 16, 1998
Toro 5 Gang Mower February 16, 1998
1993 3/4 Ton Ext. Cab/Chassis February 16, 1998
5 Gang Mower, Lt. Wt. Jacobsen February 16, 1998
Golf Cars February 16, 1998
Hydrojet 3000 Aerator February 16, 1998
52" Rotary Mower February 16, 1998
Stepvan February 16, 1998
1993 Kawasaki Motorcycles February 16, 1998
1993 Midsize Staff Car February 16, 1998
1993 Midsize Ext. Cab Pickup February 16, 1998
1993 3/4 Ton Utility Truck February 16, 1998
2 Yard Loader February 16, 2000
1-1/2 Ton Chipper Truck February 16, 2000
Dispatch Consoles February 16, 2000
The City shall make equal quarterly payments throughout the term of such
agreement but subject to annual appropriation of funds needed for such payments.
If the City leases the equipment for the original term and all
successive renewal terms, the payment to Safeco Credit Company Inc. ,
will total the sum of the principal , Eight Hundred Seventy-four
Thousand Nine Hundred Forty-one Dollars ($874,941) plus interest at
a fixed rate equal to 5.65% 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 3. That the amount of Eight Hundred Seventy-four Thousand Nine
Hundred Forty-one Dollars ($874,941) to be provided to the City under the lease-
purchase agreement is hereby appropriated for fiscal year 1993 as unanticipated
revenue in the appropriate funds for the acquisition of the equipment in
accordance with the terms and provisions of the lease-purchase agreement.
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Introduced, considered favorably on first reading, and ordered published
this 19th day of January, A.D. 1993, and to be presented for final passage on the
2nd day of February, A.D. 1993.
a or
ATTEST:
City Clerk'
I Passed and adopted on final reading this 2nd day of February, A.D. 1993.
Mayor
ATTEST:
City Clerk
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