HomeMy WebLinkAbout086 - 07/01/1980 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT BETWEEN THE CITY AND BOETTCHER AND COMPANY S
i
ORDINANCE NO 86, 1980
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 BOETTCHER AND COMPANY 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
WHEREAS, the City has received a proposal from Boettcher and Company
whereby Boettcher and Company will lease to the City two (2) , Elgin Pelican
Street Sweepers, and
WHEREAS, the City Council has determined that the City is in need of
the equipment and that it is in the best interest of the City to lease the
equipment from Boettcher and Company, which is providing financing for the
acquisition of the equipment, and
WHEREAS, the City desires to enter into an equipment lease agreement
with Boettcher and Company 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 Boettcher and Company
two (2) Elgin Pelican Street Sweepers
The agreement shall be for an original term from July
119 1980 through December 31 , 1980 The agreement
shall provide for four (4) renewable one-year terms
from January 1st to December 31st of 1981, 19825 1983
and 1984 The agreement shall provide for a six-month
renewable term from January 1, 1985 through July 1,
1985
The City shall make equal quarterly payments for each
of the consecutive terms of such agreement, provided
that the payment for the first quarter of the original
term shall be decreased by an amount equal to ten (10)
days of interest
If the City shall lease the equipment for the original
term and all successive renewal terms, the payment to
Boettcher and Company will total the sum of the princi-
pal , One Hundred Thousand Six Hundred Sixty Dollars and
00/100 ($100,660 00), plus ten percent (10%) interest,
computed over the term of the agreement as renewed
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 ending on June 30, 1985, 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 that the City Manager is hereby authorized to enter into a lease-
purchase agreement of the above described equipment in accordance with the
terms and provisions set forth above
Introduced, considered favorably on first reading, and dered pub-
lished this 17th day of June 9A 1980, and t be p e ented for
final passage on the 1st aye J , A D 1�8
tl/U Q��
Mayor
AT ST
City Clerk
Passed and adopted on final reading this lst day of IIJWly ,
A D 1980
Q
lay
ATTEST
Ci"ty Clerk
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