Ordinance 2015-1695 - Laserfiche WebLink

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LEASE AND LEASE PURCHASE AGREEMENT THIS LEASE AND LEASE PURCHASE AGREEMENT dated as of August 27, 2015 (this "Lease "), between ALPINE BANK, a Colorado corporation, together with its successors and assigns, ( "Alpine Bank "), as lessor, and the CITY OF LOUISVILLE, COLORADO (the "City "), a home rule municipality and political subdivision of the State of Colorado (the "State ") organized and existing under Article XX of the Colorado Constitution and the City Home Rule Charter (the "Charter "), as lessee; WITNESSETH: WHEREAS, pursuant to Section 2 -4 of the Charter, the City has all the power of local self - government and home rule and all power possible for a municipality to have under the Constitution and laws of the State of Colorado; and WHEREAS, pursuant to Section 12-4 of the Charter and state law, including C.R.S. § 31- 15 -801 et seq., the City has power and authority to enter into leases and lease purchase agreements; and WHEREAS, in order to provide for the capital asset needs of the City, the City Council of the City (the "Council ") has previously determined and hereby determines that it is necessary and in the best interests of the City and its citizens that the City undertake a lease and lease purchase financing of equipment and other property for use by the City for governmental or proprietary purposes; and WHEREAS, the City has determined that it is in the best interests of the City and the residents within the boundaries of the City, and serves a public purpose, to participate in a community solar program offered by Public Service Company of Colorado d/b /a/ Xcel Energy (the "Utility") pursuant to the terms of a Rate Schedule found at Colo. PUC No.7 Electric, Sheets Nos. 94 through 94G (the "Program "); and WHEREAS, in order to accomplish such desired participation in the Program, the City has determined that it is necessary and in the best interests of the City and the residents within the boundaries of the City, and serves a public purpose, to lease with the option to acquire (subject to certain limitations described herein) 606 solar panels (as more particularly defined herein, the "Panels ") located at the Boulder County CEC Solar Array (the "Solar Array Facility ") and, in connection therewith, to take an assignment of and acquire certain nghts relating to the Panels arising under the CEC Agreements and the Program, including the acquisition of all right, title and interest in the certain bill credits and renewable energy credit payments due and payable with respect to the Panels pursuant to the CEC Agreements so long as this Lease remains in effect, all as more particularly provided herein; and WHEREAS, the City is entering into this Agreement with Alpine Bank for the purpose of financing the acquisition by Alpine Bank of the Panels (as more particularly defined herein, the "Financed Project "); and 1 4812 - 2161 -1294 9