HomeMy WebLinkAbout082 - 07/20/1982 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT FOR THE LEASE AND OPTION TO PURCHASE CERTAIN r
ORDINANCE NO 82 , 1982
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT FOR THE LEASE AND OPTION
TO PURCHASE CERTAIN EQUIPMENT
WHEREAS, the City is authorized under the provisions of Title 31,
Chapter 15, Part 8, CRS 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 _
WHEREAS, the City has received a proposal from Merit Financial Corp
whereby they will lease to the City the following described equipment
QUANTITY DESCRIPTION
1 Police POSSE System
and
WHEREAS, the City Council has determined that the City is in need of
the above listed equipment, and
WHEREAS , the City Council has determined that it is in the best
interest of the City to lease the equipment from Merit Financial Corp
which is providing financing for the acquisition or the aforementioned
equipment, and
WHEREAS, the City desires to enter into an equipment lease agreement
with respect to the leasing of the 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
1 Police POSSE System
The Agreement shall be for an original term from the date of
execution of the agreement through August 1 1987, at a cost
Of $158,831 00 The agreement shall provide for a
renewable one-year term as follows
RENEWABLE
ONE YEAR
ITEM TERM
Police POSSE December 31 1982
December 31, 1983
December 31 , 1984
December 31 , 1985
December 31, 1986
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 the
lessor will total the sum of the principal , plus interest
at a fixed rate equal to 11 687%
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 the 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 of the above described equipment in
accordance with the terms and provisions set forth above
Section 2 That all proceeds necessary to purchase said above des-
cribed equipment be and they hereby are appropriated in the General Fund
for acquisition of said equipment
Introduced, considered favorably on first reading, and ordered pub-
lished this 6th day of July, A D 1982 , and to be presented for final
passage on the 20th day of July, A D 1982
Mayor
ATTEST
14"�
&A�h
City Clerk
-2-
Passed and adopted on final reading this 20th day of July ,
A D 1982
hiayo r
ATTEST
I�t"V��
City Clerk
-3-