HomeMy WebLinkAboutordinance.council.066-87
ORDINANCE NO. t,(,
Series of 1987
AN ORDINANCE APPROVING THE TERMS AND CONDITIONS OF AN EQUIPMENT
LEASE/PURCHASE AGREEMENT BETWEEN THE CITY OF ASPEN, COLORADO, AND
SECURITY PACIFIC MERCHANT BANKING GROUP, SETTING FORTH TERMS AND
CONDITIONS FOR THE LEASE OF A 1987 CHEVROLET SUBURBAN AND 1988
ETNYRE STREET FLUSHER, WHICH LEASE IS FOR A TERM OF FIVE (5)
YEARS AND PROVIDES FOR A QUARTERLY LEASE PAYMENT OF $4,767, AND
DIRECTING THE MAYOR TO EXECUTE SAID AGREEMENT ON BEHALF OF THE
CITY
WHEREAS, the City Council is required, by reason of Section
10.8 of the City charter to approve long term installment
purchase contracts and rental and leasehold agreements by
ordinance; and
WHEREAS, there has been presented to the ci ty Council a
lease/purchase agreement between the City and security Pacific
Merchant Banking Group, with regard to a 1987 Chevrolet Suburban
and 1988 Etnyre Street Flusher, which agreement is appended
hereto and incorporated herein by reference, providing for a term
of 5 years and quarterly lease payments of $4,767; and
WHEREAS, the city Council desires to approve said lease/pur-
chase agreement and direct the Mayor to execute the same on
behalf of the city.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
The ci ty Council does hereby approve that lease/purchase
agreement between the City of Aspen and Security Pacific Merchant
Banking Group with regard to the lease/purchase of a 1987
Chevrolet Suburban and a 1988 Etnyre Street Flusher, attached
hereto and incorporated herein by this reference, and does hereby
direct the Mayor to execute such agreement on behalf of the city.
section 2
The city council hereby represents that the reasonably
anticipated amount of qualified tax-exempt obligations which have
been and will be issued by the city does not exceed ten million
($10,000,000) dollars for the calendar year 1988, the year within
which annexed municipal lease and option agreement will be
entered into and hereby designates the annexed municipal lease
and option agreement to be a "qualified tax-exempt obligation"
pursuant to section 265(b) (3) of the Internal Revenue Code.
Section 3
If any section, subsection, sentence, clause, phrase or
portion of this ordinance is for any reason held invalid or
unconstitutional in a court of competent jurisdiction, such
portion shall be deemed a separate, distinct and independent
provision and shall not affect the validity of the remaining
portions thereof.
section 4
Nothing in this ordinance shall be construed to affect any
right, duty or liability under any ordinances in effect prior to
the effective date of this ordinance, and the same shall be
continued and concluded under such prior ordinance.
section 5
A public hearing on the ordinance shall be held on the 11th
day of Januarv, 1988 at the Aspen City Hall, 130 South Galena
Street, Aspen, Colorado.
INTRODUCED, READ AND ORDERED published as provided by law of
the City Council of the City of Aspen on the 14th day of Decem-
ber, 1987.
ATTEST:
,&-~ d /diLL
Kathryn S. Koch, city Clerk
FINALLY adopted, passed
~tI.A-'1' ,1988.
ATTEST:
,dUh~!~ J deL
Kathryn S. Koch, City Clerk
%~A
william L. Stirling, Mayor
and approved this //*-.-/ day of
%~
/~.. '/ -fy
william L. Stirling, Mayor