HomeMy WebLinkAboutORDINANCE 12-82ORDINANCE NO.12 -82
AN ORDINANCE APPROVING THE LONG-TERN
LEASE AND OPTION TO PURCHASE TELEPHONE
EQUIPMENT
WHEREAS,the Town is authorized to acquire necessary
equipment and other property for its governmental and pro
prietary purposes under the provisions of a long—term
rental or leasehold agreement with an option to purchase
such equipment;and
WHEREAS,the Board of Trustees has determined that the
Town is in need of a telephone system and that it is in the
best interest of the Town to lease said system from First
National Bank of Estes Park which is providing financing
for the acquisition of the system in accordance with the
terms contained herein;and
WHEREAS,the Town desires to enter into an equipment
lease agreement with First National Bank of Estes Park with
respect to the leasing of the equipment;and
WHEREAS,the terms of the equipment lease agreement will
provide as follows:
The Town shall lease from First National Bank of
Estes Park a telephone system.
The lease agreement shall be for an original term
from June 1 ,1982 through
______________
December 31 ,1982.The agreement shall provide
for four (4)renewable one—year terms from January 1st
to December 31st of 1983 thru 1986.The agreement shall
provide for a five month renewable term from
January 1,1987 through May 31 ,1987.
The Town shall make equal monthly payments of interest
and monthly payment of principal for each of the
consecutive terms of such agreement.
If the Town shall lease the equipment for the original
term and all successive renewal terms,the payment to
First National Bank of Estes Park will total the
sum of the principal,twenty-nine thousand six hundred and twenty—five
Dollars ($29,625 ),plus eleven and one—
half percent (11 1/2%)interest,computed over the
term of the agreement as renewed.
The Town shall have an option to purchase the equip
ment on any monthly payment date of any term.The
option to purchase shall be exercised by paying the
monthly payment due on said date and the unpaid princi
pal due after said date.
If the Town shall renew the agreement for all the
renewal terms ending on MAY 31 ,1987,the
Town shall be deemed to have exercised the option to
purchase the equipment and have all right,title and
interest to the equipment.
NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE TOWN OF ESTES PARK THAT:
Section 1.The Town of Estes Park be authorized
to enter into a lease and option to purchase agreement
for certain telephone equipment with First National Bank of
Estes Park.
Section 2.This ordinance shall take effect and
be in force thirty (30)days after its passage and publication.
I hereby certify that the above ordinance was introduced
and read at a regular meeting of the Board of Trustees on
the 13th day of April ,1982,and published
in a newspaper of general circulation in the Town of Estes
Park,Colorado,on the 16th day of April ,1982,
all as required by the Statutes of the State of Colorado.
,rfl&
/Town Clerk
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