HomeMy WebLinkAbout024 - 03/15/1983 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT BETWEEN THE CITY AND MERIT FINANCIAL CORP. F ORDINANCE NO. 24 , 1983
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT BETWEEN THE CITY OF
FORT COLLINS AND MERIT FINANCIAL CORP. FOR THE
LEASE AND OPTION TO PURCHASE CERTAIN EQUIPMENT
WHEREAS, the City is authorized under the provisions of Title 31,
Chapter 15, part 8, C.R.S. 1973, as amended, 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 provide for the payment of said property from
any available municipal income; and
WHEREAS, the City has received a proposal from Merit Financial Corp.
whereby Merit Financial Corp. will lease to the City the following
described equipment:
Quantity Description
19 Police Patrol cars
1 42" Industrial Sweeper
i5 Gas-powered golf carts
1 Minolta 320 copy machine
1 Rogers turf sweeper
1 Olathe turf sweeper
1 3-Wheel utility vehicle
1 1/2 Ton Pickup
1 Tow-behind paver
1 3/4 Ton Cab/Chassis
1 Utility body for 3/4 T.
Cab/Chassis
1 Passenger Van
25 Police light bars
15 Unitrol control panels
25 Motorola syntors (8 channel )
25 Motorola chargers
1 Motorola 4 channel mitrek
w/outside speaker
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 Corp.
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 Corp.with respect to the leasing of said equipment;
and
WHEREAS, the terms of the equipment lease agreement will provide as
follows:
The City shall lease from Merit Financial Corp.
the following equipment:
QUANTITY DESCRIPTION
19 Police Patrol cars
1 42" Industrial Sweeper
15 Gas-powered golf carts
1 Minolta 320 copy machine
1 Rogers turf sweeper
1 Olathe turf sweeper
1 3-Wheel utility vehicle
1 1/2 Ton Pickup
1 Tow-behind paver
1 3/4 Ton Cab/Chassis
1 Utility body for 3/4 T.
Cab/Chassis
1 Passenger Van
25 Police light bars
15 Unitrol control panels
25 Motorola syntors (8 channel )
25 Motorola chargers
1 Motorola 4 channel mitrek
w/outside speaker
The agreement shall be for an original term from the date of
execution of the agreement through December 31, 1983. The
agreement shall provide for renewable one year terms as
follows:
RENEWABLE
ONE YEAR
ITEM TERMS
Police Patrol cars December 31, 1986
42" industrial sweeper December 31, 1986
Gas-powered golf carts December 31, 1986
Minolta 320 copy machine December 31, 1986
Rogers turf sweeper December 31 , 1986
Olathe turf sweeper December 31, 1986
3 Wheel utility vehicle December 31, 1986
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1/2 Ton Pickup December 31, 1987
Tow-behind paver December 31, 1987
3/4 Ton Cab/Chassis December 31, 1987
Utility body for 3/4 T.
Cab/Chassis December 31 , 1987
Passenger Van December 31, 1987
Police light bars December 31, 1988
Unitrol control panels December 31, 1988
Motorola syntors (8
channel ) December 31 , 1988
Motorola chargers December 31, 1988
Motorola 4 channel mitrek
w/outside speaker December 31, 1988
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 Corp.will total the sum of the principal , Three
Hundred Sixty-Two Thousand Five Hundred Dollars ($362,500.00)
plus interest at a fixed rate equal to 8.744 %.
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 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 des-
cribed equipment, be, and they hereby are, appropriated in the funds of the
respective departments' acquiring said equipment.
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Introduced, considered favorably on first reading, and ordered pub-
lished this 1st day of March A.D. 1983, and to be presented for
final passage on the 15th day of Mar A.D. , 1983.
co - '
ATTEST: Assistant Ma
City Clerk
Passed and adopted on final reading this 15th day of March
A.D. 1983.
Mayor 77
ATTEST:
City Clerk
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