HomeMy WebLinkAbout053 - 05/01/1984 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT FOR THE LEASE/PURCHASE OF VEHICLES AND EQUIP M
ORDINANCE NO. 53, 1984
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER 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 pro-
perty 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 provide for the payment of said property from any available
municipal income; and
WHEREAS, the City has received a proposal from Merit Financial Cor-
poration whereby Merit Financial Corporation will lease to the City the
following described equipment:
Quantity Description
1 20 ft. Rotary Mower
1 72" Toro Riding Mower
2 5 Gang Mowers
5 Police Patrol Cars
6 Autotherms
2 Compact Pickups
4 4-Door Sedans
3 2-Door Sedans
1 85 HP Ag Tractor
20 Computer Softboxes
20 Printers & Related Items
19 Printer Stands
and
WHEREAS, THE City Council has determined that the City is in need of
the above listed equipment in order that they 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 Merit Financial Corpor-
ation which is providing financing for the acquisition of said equipment;
and
WHEREAS, the City desires to enter into an equipment lease agreement
with Merit Financial Corporation with respect to the leasing of said equip-
ment; and
WHEREAS, the terms of the equipment lease agreement will provide
as follows:
The City Shall lease from Merit Financial Corporation the fol-
lowing equipment:
Quantity Description
1 20 ft. Rotary Mower
1 72" Toro Riding Mower
2 5 Gang Mowers
5 Police Patrol Cars
6 Autotherms
2 Compact Pickups
4 4-Door Sedans
3 2-Door Sedans
1 85 HP Ag Tractor
20 Computer Softboxes
20 Printers & Related Items
19 Printer Stands
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 as follows:
RENEWABLE
ONE YEAR
ITEM TERMS
20 ft. Rotary Mower December 31, 1988
72" Toro Riding Mower December 31, 1988
5 Gang Mowers December 31, 1988
Police Patrol Cars December 31, 1988
Autotherms December 31, 1988
Compact Pickups December 31, 1989
4-Door Sedans December 31, 1989
2-Door Sedans December 31, 1989
85 HP A9 Tractor December 31, 1989
Computer Softboxes December 31, 1989
Printers & Related Items December 31, 1989
Printer Stands December 31, 1989
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 Merit Financial
Corporation will total the sum of the principal , Two Hundred
Seventy-Eight Thousand Nine Hundred Sixty-Seven Dollars
($278,967.00) plus interest at a fixed rate equal to 8.689%.
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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 forms,
the City shall be deemed to have exercised the option to purchase
the equipment and have all right, title and interest to said
equipment.
This agreement shall not be a pledge of the City' s revenues.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1 . That the City Manager be, and he hereby is, authorized
to enter into a lease/purchase agreement for the above described equipment
in accordance with the terms and provisions set forth herein above.
Section 2 . That all proceeds necessary to purchase said above
described equipment, be, and they hereby are, appropriated in the funds of
the respective departments acquiring said equipment.
Introduced, considered favorably on first reading, and ordered
published this 17th day of A ril , A.D. 1984, and to be presented for
final passage on the 1st day of May A.D. 1984.
ayor
ATTEST:
City
Passed and adopted on final reading this 1st day of May ,
A.D. 1984.
mayor
ATTEST:
ty er c `—
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