Ordinance 2015-1695 - Laserfiche WebLink

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City. The City's obligations to pay Base Rentals, Additional Rentals or any other payments provided for under this Lease during the Original Term and all of the Renewal Terms, if any, shall be subject to the City's annual right to renew this Lease (as further provided in Article IV and Sections 6.02 and 6.06 hereof), and shall not constitute a mandatory charge, requirement or liability in any ensuing Fiscal Year beyond the then current Fiscal Year. No provision of this Lease shall be construed or interpreted as a delegation of governmental powers or as creating indebtedness or a multiple -fiscal year direct or indirect debt or other financial obligation whatsoever of the City within the meaning of any constitutional or statutory debt limitation, including without limitation, Article XI, Sections 1, 2 and 6, and Article X, Section 20, of the Colorado Constitution. This Lease shall not directly or indirectly obligate the City to make any payments of Base Rentals or Additional Rentals beyond the Revenues for the then current Fiscal Year. The City shall be under no obligation whatsoever to exercise its option to purchase the Leased Property. No provision of this Lease shall be construed to pledge or to create a lien on any class or source of City moneys, nor shall any provision of this Lease restrict the future issuance of any bonds or obligations of the City payable from any class or source of moneys of the City. Section 6.02. Base Rentals and Additional Rentals. (a) The City shall pay all Base Rentals directly to Alpine Bank during the Original Term and all Renewal Terms, on the Base Rental Payment Dates and in the "Total Base Rentals" amounts set forth in Exhibit B, attached hereto and made a part hereof, as it may be amended from time to time hereunder by written agreement signed by Alpine Bank and the City Manager of the City. Exhibit B first lists the payments as shown at the taxable rate of 4.75% which shall be in effect until a Conversion Date, if any. If any Conversion Date is date other than August 27, 2018, then the amounts shown on the second schedule of Exhibit B shall be adjusted by Alpine Bank to reflect the amounts due under this Lease to the actual Conversion Date, if any. The City shall make a request in writing to convert the Lease to a tax - exempt rate and Alpine Bank shall, upon receipt of an opinion from its counsel as to the tax - exempt status of the Lease, convert the remaining amounts owed on such date to bear interest at the tax - exempt rate shown in the second schedule of Exhibit B and supply the City, if necessary, with an amended Exhibit B to reflect the actual Conversion Date. (b) The City may not prepay the Lease prior to the Conversation Date. At any time after the Conversation Date, the City may pay the then applicable Purchase Option Price related to the Leased Property for the purpose of terminating this Lease and purchasing the Leased Property shown on Exhibit A, as further provided in Article XI of this Lease. The City shall give Alpine Bank notice of its intention to exercise its option not less than 15 days in advance of the date of exercise and shall deposit with Alpine Bank on or prior to a Base Rental Payment Date an amount equal to the Purchase Option Price. Upon payment of the Purchase Option Price, title to the Leased Property shall transfer to the City. (c) The City shall pay Additional Rentals during the Original Term and all Renewal Terms, if any, as herein provided. All Additional Rentals shall be paid by the City on a timely basis directly to the person or entity to which such Additional Rentals 12 4812 - 2161 -1294 9