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ORDINANCE NO. 4-d.-
Series of 19~
AN ORDINANCE APPROVING THE TERMS AND CONDITIONS OF AN EQUIPMENT
LEASE/PURCHASE AGREEMENT BETWEEN THE CITY OF ASPEN, COLORADO AND
GE CAPITAL, SETTING FORTH TERMS AND CONDITIONS FOR THE LEASE OF A
1988 INTERNATIONAL DUMP TRUCK/SANDER, WHICH LEASE IS FOR A TERM
OF THREE (3) YEARS AND PROVIDES FOR AN ANNUAL LEASE PAYMENT OF
$19,615, 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 City Council a
lease/purchase agreement between the City and GE Capital, wi th
regard to a 1988 International Dump Truck/Sander, which agreement
is appended hereto and incorporated herein by reference,
providing for a term of 3 years and annual lease paYments of
$19,615; and
WHEREAS, the City Council desires to approve said
lease/purchase 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 City Council does hereby approve that lease/purchase
agreement between the City of Aspen and GE Capital with regard to
the lease/purchase of a 1988 International Dump Truck/Sander,
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 l4th
day of November, 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 24th day of October,
1988.
ATTEST:
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Kathryn S. Koch, City Clerk
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william L. stirling, Mayor
FINALLY adopted, passed and approved this ~~day of
~ 1988
ATTEST:
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Kathryn S. Koch, City Clerk
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william L. Stirling, Mayor