HomeMy WebLinkAbout092 - 07/21/1981 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT BETWEEN THE CITY AND THE MERIT FINANCIAL COR 3
ORDINANCE NO 92, 1981
OF THE COUNCIL OF THE CITY OF FORE COLLINS
BEING AN ORDINANCE AUTHORIZING THE CITY hANAGER
TO FNTER INTO AN AGREEMEWT BETWEEN THE CITY OF
FORT COLLINS AND THE MERIT FINANCIAL CORPORATION FOR THE
LEASE AND OPTION TO PURCHASE CERTAIN EQUIPhENT
WHEREAS, the City is authorized under the provisions of Title 31,
Chapter 15, part 8, C R S 1973, as amended, to acquire necessary equipment
and other property for its governmental and proprietary purposes under the
provisions of a long term rental or leasehold agreement vith an option to
purchase such equipment, and
WHEREAS, the City has received a proposal from the Merit Financial
Corporation whereby the Merit Financial Corporation will lease to the City
the followinq described equipment
QUANTITY DESCRIPTION
2 112 ton Pickups
4 Utility Vehicles
1 lot Police Car Accessories
1 Royal 13O/R Copy Machine
7 Compact Pickups
1 Crew Cab Pickup
25 Mobile Padios
1 1-Ton Dump Truck
2 2 112 Ton Dump Trucks
1 rotor Grader
1 Large Articulated Loader
1 Small Articulated Loader
1 Backhoe/Loader
1 Cement Mixer
1 Street Sweeper
1 Hi Ranger Aerial Truck
1 Tandem Dump Truck
1 Mower
1 Trailer
1 Tractor
and
WHEREAS, The City Council has determined that the City is in need of
the above listed equipment in order that they rndy 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 the equipment from Merit Financial Corpora-
tion which is providing financing for the acquisition for the aforemE.n-
tioned equipment, and
WIILPEAS, the City desires to triter into an equrpment lease agreement
with the Merit Financial Corporation with respect to the leasing of the
equipnent, and
WHEREAS, the terms of the equip nent lease agreement will provide as
follows
The City shall lease from lent Financial Corporation
the following list of equipment
QUANTITY DESCRIPTION
2 1/2 Ton Pickups
4 Utility Vehicles
1 lot Police Car Accessories
1 Royal 130/R Copy Machine
7 Compact Pickups
1 Crew Cab Pickup
25 Mobile Radios
1 1-Ton Dump Truck
2 2 1/2 Ton Dump Trucks
1 Motor Grader
1 Large Articulated Loader
1 Small Articulated Loader
1 Backhoe/Loader
1 Cement Mixer
1 Street Sweeper
1 Hi Ranger Aerial truck
1 Tandem Dump Truck
1 Mower
1 Trader
1 Tractor
The agreement shall be for an original term from the
date of execution of the agreement through December 31,
1981 The agreement shall provide for renewable one-
year terms as follows
RENEWABLE
ONE YEAR
ITEM TERi1S
1/2 ton Pickups December 31, 1985
Utility Vehicles December 31, 1985
Police Car Accessories December 31, 1985
Royal 130/R Copy Machine December 31, 1986
Compact Pickups December 31, 1986
Crew Cab Pickup December 31, 1986
Mobile Radios December 31, 1987
1-Ton Dump Truck December 31, 1987
2 1/2 Ton Dump Truck December 31, 1987
Motor Grader December 31, 1968
Large Articulated Loader December 31, 1988
Small Articulated Loader December 31, 1988
Backhoe/Loader December 31 , 1988
Cement Hirer December 31, 1988
Street Sweeper December 31, 1988
Ili Ranger Aerial Truck December 31 , 1987
Tandem Dump Truck December 31, 1988
Mower December 31, 1985
Trailer December 31, 1985
Tractor December 31 , 1987
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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
Merit Financial Corporation will total the sum of the
principal , plus interest at a fixed rate equal to
10 179%
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 terms, the City shall be deemed to have exer-
cised the option to purchase the equipment and have all
right, title and interest to the equipment
This agreement shall not be a pledge of the City' s
revenues
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Manager be, and he hereby is, authorized to enter
into a lease/purchase agreement of the above described equipment in accor-
dance with the terms and provisions set forth above
Introduced, considered favorably on first reading, and ordered pub-
lished this 7th day of Jul , A D 1981, and to be presented for
final passage on the 21sto or ay Jul A DJ 19 1
ayor
�A\T'TEST I�
City Clerk
Passed and adopted on final reading this 21stday of July A D
1981
May r
ATTEST
City Clerk
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