HomeMy WebLinkAbout184 - 12/01/1987 - AUTHORIZING AGREEMENT FOR THE LEASE/PURCHASE OF VEHICLES AND EQUIPMENT AND APPROPRIATING FUNDS THERE ORDINANCE NO. 184, 1987
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 AND APPROPRIATING
FUNDS THEREFOR
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 and provide for the payment of said property from any
available municipal income; and
WHEREAS, Article V, Section 15, of the Charter of the City of Fort
Collins authorizes the City Council to appropriate unanticipated revenue
received at any time during the year; and
WHEREAS, the City has received a proposal from Maryland National
Leasing Corporation whereby Maryland National Leasing Corporation will
advance funds to the City for the City's acquisition of certain equipment
through the provisions of a lease/purchase agreement; and
WHEREAS, the City Council has determined that the City is in need of
said equipment for use in the operation of various City departments.
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 an agreement with Maryland National Leasing Corporation in
accordance with the following terms and provisions:
Maryland National Leasing Corporation shall advance to the City
the amount of Nine Hundred Twenty-Seven Thousand Dollars
($927,000) to acquire the following equipment:
QUANTITY DESCRIPTION
1 ea. Gasboy Fuel System
1 ea. Computer Maintenance System
1 ea. Toro Cab & Broom
1 ea. Sweepster Snow Broom
1 ea. Mower Trailer
1 ea. Rough Mower
1 ea. Sod Cutter
16 ea. Mobile Radios
13 ea. 1988 Police Patrol Cars
2 ea. 1988 Police Staff Cars
7 ea. 1988 Mini -Vans
9 ea. Police Car Restraining Cages
9 ea. Unitrol Units
9 ea. Patrol Car Light Bars
9 ea. 1988 Mid-size 1/2T. Pickups
3 ea. 1988 Full -size Passenger Vans
2 ea. 1988 Sub-compact Cars
3 ea. 1988 Mid-size 1/2T. 4wd Pickups
2 ea. 1988 Full -size 3/4T. 4wd Pickups
1 ea. 1988 1 T. Cab/Chassis with dump
3 ea. 72" Mowers
8 ea. 1988 4-wheel Utility Vehicles
2 ea. 1988 3-wheel Utility Vehicles
1 ea. 1988 Full -size 1/2T. pickup
2 ea. 1988 Seven Gang Mowers
1 ea. 1988 Utility Tractor
1 ea. Dirt Shredder/Mixer
1 ea. 1988 Backhoe
9 ea. Remote Computer Terminals
Maryland National Leasing Corporation shall lease said equipment
to the City for an original term from the date of execution of
the agreement through December 15, 1994. The lease/purchase
agreement shall provide for renewable one year terms as follows:
ITEM RENEWABLE ONE YEAR TERMS
Gasboy Fuel System December 31, 1990
Computer Maintenance System December 31, 1990
Toro Cab & Broom December 31, 1990
Sweepster Snow Broom December 31, 1990
Mower Trailer December 31 , 1990
Rough Mower December 31, 1990
Sod Cutter December 31, 1990
Mobile Radios (7) December 31, 1990
1988 Police Patrol Cars December 31 , 1991
1988 Police Staff Cars December 31 , 1991
1988 Mini-Vans (2) December 31, 1991
Mobile Radios (9) December 31, 1991
Patrol Car Restraining Cages December 31, 1991
Unitrol Units December 31, 1991
Patrol Car Light Bars December 31, 1991
1988 Mid-size 1/2T. Pickups December 31 , 1992
1988 Full -size Passenger Vans December 31, 1992
1988 Mini-Vans (5) December 31 , 1992
1988 Sub-compact Cars December 31, 1992
1988 Mid-size 1/2T. 4wd Pickups December 31, 1992
1988 Full -size 3/4T. 4wd Pickups December 31 , 1992
1988 1T. Cab/Chassis with dump December 31, 1992
72" Mowers December 31 , 1992
1988 4-wheel Utility Vehicles December 31, 1992
1988 3-wheel Utility Vehicles December 31 , 1992
1988 Full -size 1/2T. Pickups December 31, 1992
1988 Seven Gang Mowers December 31 , 1994
1988 Utility Tractor December 31, 1994
Dirt Shredder/Mixer December 31, 1994
1988 Backhoe December 31, 1994
Remote Computer Terminals December 31 , 1994
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 Maryland National
Leasing Corporation will total the sum of the principal $927,000
plus interest at a fixed rate equal to 7.194%.
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 said
equipment.
The agreement shall not be a pledge of the City's revenues.
Section 2. That funds are hereby appropriated for expenditure from
unanticipated revenue in the amount of Nine Hundred Twenty-Seven Thousand
Dollars ($927,000) for acquisition through lease/purchase of the equipment
described above.
Introduced, considered favorably on first reading and ordered
published this 17th day of November, A.D. 1987, and to be presented for
final passage on the 1st day of December, A.D. 1987.
ATTVTEST-
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City Clerk
Passed and adapted on final reading this 1st day of December, A.D.
1987.
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ATTEST:
City Clerk