HomeMy WebLinkAbout013 - 02/21/1989 - AUTHORIZING THE DIRECTOR OF PURCHASING AND RISK MANAGEMENT TO ENTER INTO AN AGREEMENT FOR THE LEASE- ORDINANCE NO. 13 , 1989
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE DIRECTOR OF PURCHASING AND RISK MANAGEMENT
TO ENTER INTO AN AGREEMENT FOR THE 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 General Electric Fleet
Services, Inc. to lease to the City the following described equipment and
vehicles:
QUANTITY DESCRIPTION
1 ea. Walk-behind snowblower
1 ea. Portable cement mixer
15 ea. 1989 gas powered golf carts
1 ea. 1989 4-wheel drive truckster
1 ea. 1989 equipment trailer
26 ea. 1989 Police patrol cars/vans
16 ea. 2-way radios
25 ea. Police emergency light bars
2 ea. Police restraint cages
15 ea. Unitrols
4 ea. Police patrol car push bumpers
6 ea. MDTs (mobile computers)
1 ea. 1989 72" riding mower
1 ea. 1989 tow-type aerator
2 ea. 1989 3/4 ton utility trucks
1 ea. 1989 mini cargo van
1 ea. 1989 3/4 ton 4x4 utility truck
1 ea. 1989 3/4 ton utility truck
1 ea. 1989 backhoe/loader
3 ea. 1989 3-wheel utility trucksters
1 ea. 1989 1-1/2 ton dump truck
1 ea. 1989 street milling machine
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 General Electric Fleet
Services, Inc. , 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 $56,259.49 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 Director of Purchasing and Risk Management be, and he
hereby is, authorized to enter into a lease/purchase agreement with General
Electric Fleet Services, Inc. for the above described equipment in
accordance with the following terms and provisions:
The agreement shall be for an original term from the date of execution
of the agreement through December 31, 1989. 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
Walk-behind snowblower December 31, 1991
Portable cement mixer December 31, 1991
1989 gas powered golf carts December 31, 1992
1989 4-wheel drive truckster December 31, 1992
1989 equipment trailer December 31, 1992
1989 Police patrol cars/vans December 31, 1992
2-way radios December 31, 1992
Police emergency light bars December 31, 1992
Police restraint cages December 31, 1992
Unitrols December 31, 1992
Police patrol car push bumpers December 31, 1992
MDTs December 31, 1992
1989 72" riding mower December 31, 1993
1989 tow-type aerator December 31, 1993
1989 3/4 ton utility trucks December 31 , 1993
1989 mini cargo van December 31, 1993
1989 3/4 ton 40 utility truck December 31, 1993
1989 3/4 ton utility truck December 31, 1993
1989 backhoe/loader December 31, 1995
1989 3-wheel utility trucksters December 31, 1995
1989 1-1/2 ton dump truck December 31, 1995
1989 street milling machine 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 General
Electric Fleet Services, Inc. will total the sum of the principal , Nine
Hundred Thousand Dollars ($900,000) , plus interest at a fixed rate equal to
7.58% 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 7th day of February, A.D. 1989, d e presented for
final passage on the 21st day of February, A.D
Mayor
ATTEST:
, 4-" :�
City Clerk ^�—
Passed and adopted on final reading this t f February, A.D. ,
1989.
MaYr
ATTEST:
City Clerk