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HomeMy WebLinkAbout014 - 02/18/1992 - AUTHORIZING THE PURCHASING AGENT TO ENTER INTO AN AGREEMENT FOR THE FINANCING BY LEASE PURCHASE OF V ORDINANCE NO. 14, 1992 AMENDING ORDINANCE NO. 144, 1991 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 Council of the City of Fort Collins passed on second reading Ordinance No. 144, 1991, on the 7th day of January, 1992; and WHEREAS, the City was unable reach an agreement to complete the lease- purchase financing with Public Finance Group, Inc. ; and WHEREAS, the City wishes to enter into a lease-purchase financing agreement with Access Public Finance, Inc. for a net effective interest rate of 6.275 percent. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that Ordinance No. 144, 1991, 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 is amended to read, in its entirety, as follows: 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 ° b"^ Finane^ Group, lne Acceiss Publ c Ftnanee, Inc ;! to lease to the City the following described equipment and vehicles: QUANTITY DESCRIPTION 1 each One Ton Dump Truck 1 each 7 Gang Mower 2 each 5 Gang Mower 1 each Tree Spade Truck I each Tree Chipper 12 each Golf Cars 1 each 44 Wagon 2 each Midsize Staff Cars 2 each Midsize Pickups 1 each 3/4 Ton Utility Truck 1 each 3/4 Ton Pickup 1 each Full Size 44 Pickup w/Plow 1 each Floor Scrubber 5 each 2-Way Radios 14 each Patrol Cars 3 each Police Mini-Vans W tkc( rawh -Frow AD_-vtd6, 16 each Siren Control System 16 each Radios 2 each Mobile Data Terminals 1 each 52" Trail Mower 1 each Sweepster Broom 1 each Mower Trailer 16 each Radio Boxes 16 each Restraint Screens 1 each PC/Printer & Equip. I each Tire Balancer 1 each Anti-Freeze Recycler 1 each Videocassette Player 1 each BetaCam Recorder/Player 1 each BetaCam Player 1 each CamCorder Package 1 each CamCorder Lens 1 each Dubner Animation 1 each Cozy Cab Torro Mower 2 each 30' Carpenter Buses 1 each Copy Machines hereinafter referred to as the "equipment"; and WHEREAS, the City Council has determine 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 °u; e Finanee-reap ine. A.;eCes4 Public finance, Inc;:;;: which is also providing financing for the acquis1 ion 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 .Ci,ty Council has determined that the lease payments in the sum of $57,410 $�a1,162 0, 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 1992 are appropriated and available in the City's 1992 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 Publie FinanEe Group, i e. > Access; pubic Finance, lnc;,. , 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 February `, 1997 March 19, €1997. The agreement shall provide for renewable one-year terms thereafter, through the life of each item, as 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 30' Carpenter Buses i rc.h.;f9,. 9 February 6, 1994 52 Trail Mower March,., !9,_ 1995 February 6 =995 Sweepster Broom March I4, I995 February 6— 1995 Mower Trailer February 6O95 Radio Boxes March .$5, I445 •'• ar `' 1995 Restraint Screens March 9, I995 February 6— 1995 PC/Printer & Equip. Ma1"ch ,I9, 149February 6, 1995 February c 1005 Tire Balancer March 19, I9�a �__� Anti-Freeze Recycler March 29 1945 February ` 1995 Videocassette Player March 19, I995 February 6, 1995 BetaCam Recorder/Player MaC`oh9, I4s FebTuarT6—gig°§ BetaCam Player March 19, I945 February 61995 Camcorder Package Mach J5, 1945 February 6—41}45 Camcorder Lens March „19, 1995 February--6,-T9r}5 Dubner Animation Marsh ; 9, 194February 6, 1995 Cozy Cab Torro Mower March I9a I995 `=b=�ri 1=095 2-Way Radios March 19, I945 February 6 449b Patrol Cars March. 19I996 February Police Mini-Vans Light Bars March19, I996 Siren Control Systems March 15, I996., February-6 —I496 Radios MArch:.k9, I995 February 6,1996 Mobile Data Terminals March <9y 199C February I896 One Ton Dump Truck liar; h,'19,.,1997 February 6,1997 7 Gang Mower March29, 1997. February 6, 11997 5 Gang Mower March l9, I947; February 6— 1997 Tree Spade Truck Mdrth 9, 1997 February 6— 1997 Tree Chipper Marchl9, I997 February 6 1947 Golf Cars March 14, I44X; 4 x4 Wagon March <I9, I997 Febr� 6T7 Midsize Staff Cars Marah9 1447 Midsize Pickups Marchl9, I99T; February 6 I9`�7 3/4 Ton Utility Truck March ;I4, 199 `rtb,�a:y— 3/4 Ton Pickuptarh, k9, ..1997 Feb Racy 6 I9�7 Full Size 4/4 Pickup w/plow Marchel9, I99 February-6 1997 Floor Scrubber March .19, I947. February 6397 Copy Machine Pear'_h;,,;.1.9,,,,,,,1.997 February 6997 The City shall make equal quarterly payments throughout the term of such agreement. If the City leases the equipment for the original term and.all successive renewal. terms, the payment of pRb! 4e Finanee-6roup—, ­I­ne. ACce�s Public nanCe pal will total the sum of the princi , HghH Dollars ($84 , Seven : Hundred Twenty eight ! Forty fine Dollars 3 ($728,U45,©0 ;', plus interest at a fixed rate equal to 6.6715 4. !7a per year whicfi is....................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. Section 2. That the effective date of this ordinance shall be February-4-,-149Z March 19, 199�:. Introduced, considered favorably on first reading, and ordered published this 4th day of February, A.D. 1992, and to be presented for final passage on the 18th day of February, A.D. 1992. Mayor ATTEST: City Clerk Passed and adopted on final reading this 18th day of February, A.D. 1992. Mayor ATTEST: City Clerk 4