HomeMy WebLinkAbout048 - 04/21/1987 - AUTHORIZING AGREEMENT FOR REFINANCING LEASE/PURCHASE AGREEMENTS FOR VEHICLES AND EQUIPMENT ORDINANCE NO. 48, 1987
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO ENTER INTO
AN AGREEMENT FOR THE REFINANCING OF LEASE/PURCHASE AGREEMENTS
FOR 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
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 First Continental
Financial Corporation whereby First Continental Financial Corporation will
lease to the City the following described equipment:
QUANTITY DESCRIPTION
19 1985 Police patrol cars
1 Toro 72" gas riding mower
1 Toro 72" diesel riding mower
1 Olathe sweeper
3 1985 3/4T. trucks with Koenig bodies
3 1985 3/4T. trucks with Koenig
bodies & ladder racks
2 1985 compact pickups
1 Sperry System 80/Model 8 computer
19 1986 Police patrol cars
1 1986 Mini-van
10 IBM compatible microcomputers
6 Compustation Workstations
1 IBM Pro-Writer printer
4 Epson printers
4 1200 Baud Modems
4 Printer cables
1 1985 Taylor trailer
1 1985 1T. cab/chassis with Omaha
hoist/stakebed
1 1985 International 3T. cab/chassis
with dump body
1 1985 Barko Tree Loader
1 1986 Truckster with dump body
1 1986 Truckster without dump body
1 1986 Case IH tractor
1 1986 3-wheel Cushman truckster
1 1986 Kubota Tractor
4 1986 GMC compact pickups
1 lot Disc drives
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 which is providing
financing for the acquisition of said equipment; and
WHEREAS, the City desires to enter into an equipment lease
agreement with First Continental Financial Corporation 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 First Continental Financial Corporation the
following equipment:
QUANTITY DESCRIPTION
19 1985 Police patrol cars
1 Toro 72" gas riding mower
1 Toro 72" diesel riding mower
1 Olathe sweeper
3 1985 3/4 T. trucks with Koenig bodies
3 1985 3/4 T. trucks with Koenig
bodies & ladder racks
2 1985 compact pickups
1 Sperry System 80/Model 8 computer
19 1986 Police patrol cars
1 1986 Mini-van
10 IBM compatible microcomputers
6 Compustation Workstations
1 IBM Pro-Writer printer
4 Epson printers
4 1200 Baud Modems
4 Printer cables
1 1985 Taylor trailer
1 1985 1T. cab/chassis with Omaha
hoist/stakebed
1 1985 International 3T. cab/chassis
with dump body
1 1985 Barko Tree Loader
1 1986 Truckster with dump body
1 1986 Truckster without dump body
1 1986 Case IH tractor
1 1986 3-wheel Cushman truckster
1 1986 Kubota tractor
4 1986 GMC compact pickups
1 lot Disc drives
This agreement shall be for an original term from the date of
execution of the agreement through October 31 , 1991 . The agreement
shall provide for renewable one year terms as follows:
ITEM RENEWABLE
ONE YEAR TERMS
1985 Chevrolet Police Patrol Cars December 31 , 1989
1985 Toro 72" Diesel riding mower December 31, 1989
1985 Toro 72" Gas riding mower December 31, 1989
Olathe Model 48 Sweeper December 31, 1989
1985 Ford 3/4T. pickup & Koenig body December 31, 1990
1985 Ford 3/4T. pickup w/body & ladder rack December 31, 1990
1985 Chevrolet S10 pickups December 31, 1990
Sperry System 80/model 8 computer December 31, 1990
1986 Chevrolet Police Patrol cars December 31, 1990
1986 Chevrolet Astro Cargo Van December 31, 1990
IBM compatible micro-computers December 31, 1990
Compustation Workstations December 31, 1990
IBM Pro-Writer Printer December 31, 1990
Epson Printers December 31 , 1990
1200 Baud Modems December 31, 1990
Printer cables December 31, 1990
Disc drives December 31, 1990
1985 Taylor Trailer December 31, 1991
1985 Ford 1T. cab/chassis w/hoist & body December 31, 1991
1985 International 3T. cab/chassis & body December 31, 1991
1985 Barko Tree Loader December 31 , 1991
1986 Sanfu Truckster w/dump body December 31, 1991
1986 Sanfu truckster w/o dump body December 31, 1991
1986 Case tractor December 31, 1991
1986 GMC S-15 pickups December 31, 1991
1986 3-wheel Cushman truckster December 31, 1991
1986 Kubota tractor December 31, 1991
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 First Continental Financial
Corporation will total the sum of the principal $804,412.00 plus
interest at a fixed rate equal to 6.30%.
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 said equipment.
This agreement shall not be 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 March, A.D. , 1987, and to be presented for
final passage on the 21st day of April , A.D�, 1987.
r �
May
ATTEST:
City Clerk
1987. Passed and adopted on final reading this 21st day of April , A.D. ,
M/ayo
ATTEST:
City Clerk