HomeMy WebLinkAbout 923 Approving Lease-Purchase for 2 Police VehiclesORDINANCE N0.923
AN ORDINANCE APPROVING A LEASE -PURCHASE AGREEMENT FOR TWO NEW
POLICE VEHICLES
WHEREAS, the Town is authorized by applicable law, including but not limited to
C.R.S. § 3145-801 et seq., to acquire equipment and to enter into leases for the same, which
leases may include an option to purchase and acquire title to the leased property; and
WHEREAS, the Board of Trustees deems it necessary and desirable for the efficient and
proper functioning of the Town and for the health and safety of the Town's inhabitants to acquire
two new police vehicles; and
WHEREAS, the Board of Trustees has determined it is in the best interest of the Town
and its inhabitants to enter into the lease contemplated herein for the lease with option to
purchase of two 2018 Chrysler/Dodge Ram 1500 SSV vehicles to be used by the Firestone
Police Department;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO,
Section 1. The Municipal Lease -Purchase Agreement between the Town and Ally
Financial and Ally Bank (the "Lease") for lease and acquisition of two 2018 Chrysler/Dodge
Ram 1500 SSV vehicles, which Lease includes an option to purchase and acquire title to the
vehicles, is hereby approved in essentially the same form and upon the same terms as the copy of
such lease and lease/purchase financing proposal accompanying this ordinance.
Section 2. The Mayor and Town Clerk are authorized to execute the Lease on behalf
of the Town, except that the Mayor is fualier hereby granted the authority to approve such
revisions to said Lease as determined necessary or desirable for the protection of the Town, so
long as the essential terms and conditions of the Lease are not altered. The Lease shall be in a
principal amount not to exceed $61,000,00, will bear interest at a rate not to exceed 4.40% per
annum and the aggregate of the initial term and all renewal terms shall not exceed four years.
The Lease shall contain an option to purchase by the Town as therein set forth.
Section 3. The Mayor and Town Clerk are authorized to execute the Lease on behalf
of the Town. The Mayor, Town Clerk, and Town staff are further authorized to execute such
other documents as are necessary to implement the Lease, and Town staff is authorized and
Erected to make payments under the Lease for which funds are legally available.
Section 4. The Lease and the Town's obligations thereunder to make lease payments
are hereby designated a "qualified tax-exempt obligation" for the purpose and within the
meaning of Section 265(b) of the Internal Revenue Code. The Board of Trustees finds and
determines the reasonably anticipated amount of qualified tax-exempt obligations which have
been and will be issued by the Town does not exceed $10,000,000.00 for the calendar year
within which the Lease is to be a "qualified tax-exempt obligation" pursuant to Section 265(b)(3)
of the Internal Revenue Code,
Section 5. All financial obligations of the Town under the Lease shall be subject to
annual budgeting and appropriation, and nothing herein shall be deemed to authorize, or
construed to authorize, any multiple -fiscal year direct or indirect obligation whatsoever.
Section 6. If any article, section, paragraph, sentence, clause, or phrase of this
ordinance is held to be unconstitutional or invalid for any reason, such decision shall not affect
the validity or constitutionality of the remaining portions of this ordinance. The Board of
Trustees hereby declares it would have passed this ordinance and each part or parts hereof
irrespective of the fact that any one pant or parts be declared unconstitutional or invalid.
Section 7. All other ordinances or portions thereof inconsistent or conflicting with
this ordinance or any portion hereof are hereby repealed to the extent of such inconsistency or
conflict.
INTRODUCED, READ, ADOPTED, APPROVED, AND ORDERED PUBLISHED IN
FULL this day of g , 2018.
TOWN OF FIRESTONE, COLORADO
Paul Sorensen, Mayor Pro-Tem
ATTEST:
Leah Vanarsdall, Town Clerk