HomeMy WebLinkAbout119 - 12/15/1992 - AUTHORIZING THE PURCHASING AGENT TO ENTER INTO AN AGREEMENT FOR FINANCING BY LEASE PURCHASE OF VEHIC ORDINANCE NO. 119, 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE PURCHASING AGENT TO ENTER
INTO AN AGREEMENT FOR THE FINANCING BY
LEASE-PURCHASE OF 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 or property and
to provide for the payment of said property from any available municipal income;
and
WHEREAS, the City has received a proposal from First Interstate Bank to
lease to the City the following described equipment and vehicles:
QUANTITY DESCRIPTION
1 each 2-Way Radio
1 each 20' Mower Trailer
1 each Hand Tamper
1 each Copier
1 each Fuel Pump Dispensers
17 each MT1000 Portable Radio
2 each "Kustom" Laser Speed Det. Units
1 each "LTI" Laser Speed Det. Units
2 each Mobile Data Terminals
1 each Turf Aerator
1 each Turf Sweeper
2 each 1993 Trucksters
I each 1993 Midsize Pickups
3 each 72" Mowers
2 each Hydraulic Snow Broom
1 each Mower Cab Kit
1 each 1993 Full Size 1/2 Ton Pickup
1 each Toro 5 Gang Mower
1 each 1993 3/4 Ton Ext. Cab/Chassis
1 each 5 Gang Mower, Lt. Wt. Jacobsen
12 each Golf Cars
1 each Hydrojet 3000 Aerator
1 each 52" Rotary Mower
1 each Stepvan
2 each 1993 Kawasaki Motorcycles
2 each 1993 Midsize Staff Car
1 each 1993 Midsize Ext. Cab Pickup
1 each 1993 3/4 Ton Utility Truck
1 each 2 Yard Loader
1 each 1-1/2 Ton Chipper Truck
hereinafter referred to as the "equipment" ; and
WHEREAS, the City Council has determined that the City is in need of the
above-listed equipment in order that the same 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 First Interstate Bank, which is also
providing financing for the acquisition of said equipment; and
WHEREAS, the City desires to enter into a lease-purchase agreement with
respect to the leasing and financing of said equipment; and
WHEREAS, the City Council has determined that the lease payments in the sum
of $31,825.89 per quarter are reasonable and proper and represent the fair rental
value of the subject equipment; and sufficient funds to make the lease payments
for 1993 are appropriated and available in the City's 1993 budget.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That the Purchasing Agent be, and hereby is, authorized to
enter into a lease-purchase agreement with First Interstate Bank for the above-
described equipment in accordance with the following terms and provisions:
This agreement shall be for an original term from the date of
execution of the agreement through January 6, 1994. The agreement
shall provide for renewable one-year terms thereafter, through the
life of each item, subject to annual appropriation of funds needed
for lease payments. The total lease term, including the original
and all renewal terms, shall not exceed the useful life of the
property.
ITEM END OF FINAL TERM, IF RENEWED
2-Way Radio January 6, 1996
20' Mower Trailer January 6, 1996
Hand Tamper January 6, 1996
Copier January 6, 1996
MT1000 Portable Radio January 6, 1996
"Kustom" Laser Speed Det. Units January 6, 1996
"LTI" Laser Speed Det. Units January 6, 1996
Mobile Data Terminals January 6, 1998
Fuel Pump Dispensers January 6, 1998
Turf Aerator January 6, 1998
Turf Sweeper January 6, 1998
1993 Trucksters January 6, 1998
1993 Midsize Pickups January 6, 1998
72" Mowers January 6, 1998
Hydraulic Snow Broom January 6, 1998
Mower Cab Kit January 6, 1998
1993 Full Size 1/2 Ton Pickup January 6, 1998
Toro 5 Gang Mower January 6, 1998
1993 3/4 Ton Ext. Cab/Chassis January 6, 1998
5 Gang Mower, Lt. Wt. Jacobsen January 6, 1998
Golf Cars January 6, 1998
Hydrojet 3000 Aerator January 6, 1998
52" Rotary Mower January 6, 1998
Stepvan January 6, 1998
1993 Kawasaki Motorcycles January 6, 1998
1993 Midsize Staff Car January 6, 1998
1993 Midsize Ext. Cab Pickup January 6, 1998
1993 3/4 Ton Utility Truck January 6, 1998
2 Yard Loader January 6, 2000
1-1/2 Ton Chipper Truck January 6, 2000
The City shall make equal quarterly payments throughout the term of
such agreement but subject to annual appropriation of funds needed
for such payments.
If the City leases the equipment for the original term and all
successive renewal terms, the payment to First Interstate Bank, will
total the surn of the principal , Five Hundred Fifty-three Thousand
Four Hundred Seventeen Dollars ($553,417.00) , plus interest at a
fixed rate equal to 4.9% per year which is a reasonable amount.
The City shall have an option to purchase any piece or combination
of pieces or all of 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 renews the agreement for all the renewal terms and makes
all payments during said terms, the City shall be deemed to have
exercised the option to purchase said equipment.
This agreement shall constitute only a current expense of the City
and shall not be construed to be a debt or pledge of the City's
credit or revenues.
1993. Section 2. That the effective date of this ordinance shall be January 6,
Section 3. That the amount of Five Hundred Fifty-three Thousand Four
Hundred Seventeen Dollars ($553,417) to be provided to the City under the lease-
purchase agreement is hereby appropriated for fiscal year 1993 as unanticipated
revenue in the appropriate funds for the acquisition of the equipment in
accordance with the terms and provisions of the lease-purchase agreement.
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Introduced, considered favorably on first reading, and ordered published
this 17th day of November, A.D. 1992, and to be presented for final passage on
the 15th day of December, A.D. 1992.
Mayor
ATTEST::
City Clerk
Passed and adopted on final reading this 15th day of December, A.D. 1992.
J/U� /I I" '
_
Mayor
AT E,� ST:
City Clerk
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