HomeMy WebLinkAbout046 - 04/21/1992 - REPEALING ORDINANCE NO. 144, 1991 AND AUTHORIZING THE PURCHASING AGENT TO ENTER INTO A LEASE-PURCHAS ORDINANCE NO. 4b__, 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
REPEALING ORDINANCE NO. 144, 1991 AND
AUTHORIZING THE PURCHASING AGENT TO ENTER
INTO A AGREEMENT FOR THE LEASE-PURCHASE
FINANCING 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 which authorized the
Purchasing Agent to enter into a lease-purchase agreement with Public Finance
Group Inc. ; and
WHEREAS, the City entered into a lease-purchase agreement with Public
Finance Group, Inc. , as authorized by Ordinance No. 144, 1991 , but Public Finance
Group, Inc. , failed to perform as required by the Agreement; and
WHEREAS, the City wishes to repeal Ordinance No. 144, 1991 and enter into
a lease-purchase agreement with SAFECO CREDIT CO. , INC. ; and
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, Article V, Section 14, of the Charter of the City of Fort Collins
authorizes the City Council to appropriate by ordinance unanticipated revenue
received as a result of new revenue at any time during the year; and
WHEREAS, the City has received a proposal from SAFECO CREDIT CO. , 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 4x4 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 4x4 Pickup w/Plow
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
1 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
1 each Dubner Animation
1 each Full Size Passenger Van
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 Lase said equipment from SAFECO CREDIT CO. , INC. , which is also
providing finan., ,ng 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 $51 ,794 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 Ordinance No. 144, 1991 of the City of Fort Collins is
hereby repealed.
Section 2. That the Purchasing Agent be, and hereby is, authorized to
enter into a lease-purchase agreement with SAFECO CREDIT CO. , 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 December 31 , 1992. The agreement shall provide for
renewable one-year terms thereafter, through the life of each item as
indicated below. Each renewal term shall be contingent on the annual
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appropriation of funds needed for the 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 May 21, 1994
52" Trail Mower May 21, 1995
Sweepster Broom May 21, 1995
Mower Trailer May 21, 1995
Radio Boxes May 21, 1995
Restraint Screens May 21, 1995
PC/Printer & Equip. May 21, 1995
Tire Balancer May 21, 1995
Anti-Freeze Recycler May 21, 1995
Videocassette Player May 21, 1995
BetaCam Recorder/Player May 21, 1995
BetaCam Player May 21, 1995
Camcorder Package May 21, 1995
Camcorder Lens May 21, 1995
Dubner Animation May 21, 1995
Cozy Cab Torro Mower May 21, 1995
2-Way Radios May 21, 1996
Patrol Cars May 21, 1996
Police Mini-Vans May 21, 1996
Light Bars May 21, 1996
Siren Control Systems May 21, 1996
Radios May 21, 1996
Mobile Data Terminals May 21, 1996
One Ton Dump Truck May 21, 1997
7 Gang Mower May 21 , 1997
5 Gang Mower May 21 , 1997
Tree Spade Truck May 21, 1997
Tree Chipper May 21, 1997
Golf Cars May 21, 1997
4x4 Wagon May 21, 1997
Midsize Staff Cars May 21, 1997
Midsize Pickups May 21, 1997
Full Size Passenger Van May 21, 1997
3/4 Ton Utility Truck May 21, 1997
3/4 Ton Pickup May 21, 1997
Full Size 4/4 Pickup
w/plow May 21, 1997
Copy Machine May 21, 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 SAFECO CREDIT CO. , INC. , will total the sum
of the principal , Seven Hundred Thirty-Eight Thousand, Forty-Five Dollars
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(S 738,045.00) , plus interest at a fixed rate equal to 6.3422% 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 3. That the amount of SEVEN HUNDRED THIRTY-EIGHT THOUSAND FORTY-
FIVE DOLLARS ($738,045) to be provided to the City under the lease-purchase
agreement is hereby appropriated 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.
Section 4. That the effective date of this ordinance shall be May 21,
1992.
Introduced, considered favorably on first reading, and ordered published
this 7th day of April , A.D. 1992, and to be presented for final passage on the
21st day of April , A.D. 1992.
ayor
ATTEST:
)11
City Clerk
Passed and adopted on final reading this 21st day of April , A.D. 1992.
Mayor
ATTEST:
City Clerk QN
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