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HomeMy WebLinkAbout144 - 01/07/1992 - AUTHORIZING AGREEMENT FOR THE FINANCING BY LEASE-PURCHASE OF VEHICLES AND EQUIPMENT 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 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 Public Finance Group, 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 1 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 I 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 16 each Light Bars 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 I each PC/Printer & Equip. 1 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 I 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 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 Public Finance Group, Inc. , 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 $57,410 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 Public Finance Group, Inc. 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 6, 1997. The agreement shall provide for renewable one-year terms thereafter, through the life of each item, as indicated below. Each such renewal term shall be contingent on the 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 30' Carpenter Buses February 6, 1994 52" Trail Mower February 6, 1995 Sweepster Broom February 6, 1995 Mower Trailer February 6, 1995 Radio Boxes February 6, 1995 Restraint Screens February 6, 1995 PC/Printer & Equip. February 6, 1995 Tire Balancer February 6, 1995 Anti -Freeze Recycler February 6, 1995 Videocassette Player February 6, 1995 BetaCam Recorder/Player February 6, 1995 BetaCam Player February 6, 1995 CamCorder Package February 6, 1995 CamCorder Lens February 6, 1995 Dubner Animation February 6, 1995 Cozy Cab Torro Mower February 6, 1995 2-Way Radios February 6, 1996 Patrol Cars February 6, 1996 Police Mini -Vans February 6, 1996 Light Bars February 6, 1996 Siren Control Systems February 6, 1996 Radios February 6, 1996 Mobile Data Terminals February 6, 1996 One Ton Dump Truck February 6, 1997 7 Gang Mower February 6, 1997 5 Gang Mower February 6, 1997 Tree Spade Truck February 6, 1997 Tree Chipper February 6, 1997 Golf Cars February 6, 1997 4x4 Wagon February 6, 1997 Midsize Staff Cars February 6, 1997 Midsize Pickups February 6, 1997 3/4 Ton Utility Truck February 6, 1997 3/4 Ton Pickup February 6, 1997 Full Size 44 Pickup w/ Plow February 6, 1997 Floor Scrubber February 6, 1997 Copy Machine February 6, 1997 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 to Public Finance Group, Inc. , will total the sum of the principal , Eight Hundred Ten Thousand, Nine Hundred Dollars ($810,900.00) , plus interest at a fixed rate equal to 6.6715% 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. Section 2. That the effective date of this ordinance shall be February 6, 1992. Introduced, considered favorably on first reading, and ordered published this 17th day of December, A.D. , 1991, and to be presented for final passage on the 7th day of January, A.D. , 1992. 4a. � Mayor ATTEST: City Clerk Passed and adopted on final reading this 7th day of January, A.D. 1992. LAvi Mayor ATTEST: City Clerk