HomeMy WebLinkAbout06544ORDINANCE NO. 6544
AN ORDINANCE CONCERNING THE FINANCING OF THE
ACQUISITION OF CERTAIN EQUIPMENT, AUTHORIZING
AND APPROVING THE NEGOTIATION, EXECUTION AND
DELIVERY OF A LEASE PURCHASE AGREEMENT FOR THE
EQUIPMENT AND OTHER RELATED DOCUMENTS, AND
PRESCRIBING OTHER DETAILS RELATING THERETO
WHEREAS, the City of Pueblo ( "City ") is authorized pursuant to the home rule charter of
the City ( "Charter ") to enter into lease and lease purchase agreements in order to provide equipment
for governmental purposes; and
WHEREAS, the City Council of the City ( "City Council ") has determined, and hereby
determines, that the City is in need of an additional fifty (50) motor vehicles for its Police
Department ( "Equipment "); and
WHEREAS, for the purpose of financing the acquisition of the Equipment, the City Council
has determined, and hereby determines, that it is in the best interest of the City and its residents, that
the City lease with the option to purchase the Equipment which is appropriate and necessary to the
functions and operations of the City. NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SF.C'TION 1
The Director of Finance is directed and authorized to proceed with negotiations for the
financing and lease purchase of the Equipment. The City Council is authorized to approve by
Resolution the terms, provisions, covenants, and conditions of the financing and lease purchase of
the Equipment, including without limitation, the execution and delivery of all agreements, leases,
contracts and documents necessary and incidental to the acquisition and lease of the Equipment.
SFCTION 2.
NO PROVISION OF THIS ORDINANCE OR THE RESOLUTION AUTHORIZED IN
SECTION 1 HEREOF OR THE ACQUISITION OF THE EQUIPMENT OR THE LEASE
PURCHASE THEREOF SHALL BE CONSTRUED OR INTERPRETED AS CREATING OR
CONSTITUTING OR GIVING RISE TO A GENERAL OBLIGATION OR OTHER
INDEBTEDNESS OR A MULTIPLE FISCAL YEAR DIRECT OR INDIRECT DEBT OR OTHER
FINANCIAL OBLIGATION OF THE CITY WITHIN THE MEANING OF ANY
CONSTITUTIONAL, STATUTORY OR CHARTER DEBT LIMITATION, INCLUDING
WITHOUT LIMITATION, ARTICLE XI, SECTIONS 1, 2 AND 6, AND ARTICLE X, SECTION
20, OF THE COLORADO CONSTITUTION, NOR A MANDATORY PAYMENT OBLIGATION
OF THE CITY BEYOND A FISCAL YEAR FOR WHICH THE CITY HAS APPROPRIATED
FUNDS TO MAKE ANY SUCH PAYMENT OBLIGATION. THE CITY SHALL HAVE NO
OBLIGATION TO MAKE ANY PAYMENT UNDER ANY EQUIPMENT LEASE EXCEPT FOR
FUNDS WHICH HAVE BEEN SPECIFICALLY APPROPRIATED AND ENCUMBERED BY
THE CITY, WHICH PAYMENTS MAY BE TERMINATED (AND THE EQUIPMENT LEASE
NOT RENEWED) BY THE CITY AND SUCH PROVISIONS SHALL BE INCORPORATED IN
THE EQUIPMENT LEASE.
QU(' 2
The City, including any entities acting on behalf of or subordinate to the City, does not
anticipate issuing more than $10,000,000 of tax - exempt obligations during calendar year 2000,
which is the calendar year in which the Equipment lease shall be issued. Accordingly, the City
hereby designates the Equipment lease authorized pursuant to Section 1 hereof as a qualified tax-
exempt obligation for the purposes of Section 265(b) of the Internal Revenue Code.
INTRODUCED: May 8, 2000
By Al Gurule
Councilperson
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ATTEST:
City C k
APPR VED:
President of the City Council
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