HomeMy WebLinkAbout009 - 02/02/1982 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT FOR THE LEASE AND OPTION TO PURCHASE CERTAIN ORDINANCE NO 9 , 1982
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT
FOR THE LEASE AND OPTION TO PURCHASE CERTAIN
EQUIPMENT
WHEREAS, the City is authorized under the provisions of Title 31,
Chapter 15, Part 8, CRS 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 with an option to
purchase such equipment, and
WHEREAS, the City has received a proposal from First Interstate
Bank whereby they will lease to the City the following
described equipment
QUANTITY DESCRIPTION
1 K2 Equipment information system
and
WHEREAS, the City Council has determined that the City is in need of
the above listed equipment, and
WHEREAS, the City Council has determined that it is in the best
interest of the City to lease the equipment from First Jnterstate
Bank , which is providing financing for the acquisition for
the aforementioned equipment, and
WHEREAS, the City desires to enter into an equipment lease agreement
with respect to the leasing of the equipment, and
WHEREAS, the terms of the equipment lease agreement will provide as
follows
The City shall lease from _First Interstate Bank
the following equupment
QUANTITY DESCRIPTION
one K2 Equipment information system
The agreement shall be for an original term from the date of
execution of the agreement through December 31 , 1984 , at a
cost of $97,960 00 The agreement shall provide for a renewable
one-year term as follows
RENEWABLE
ONE YEAR
ITEM _ TERM —
K2 Equipment information system December, 1982
December, 1983
December, 1984
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 the lessor will
total the sum of the principal , plus interest at a fixed rate
equal to 12 7 %
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 exercised 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 19th day of January , A D 1982, and to be presented for
final passage on the 2nd day of February_, A D 1982
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Ma or &",
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ATTEST y
City+- ek
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Passed and adopted on final reading this 2nd day of February_ , A D
1982 4
Mayor
ATTEST n (�
City Clerk
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