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ORDINANCE NO. 1564 SERIES 2009 AN ORDINANCE AMENDING SECTION 3.04.130 OF THE LOUISVILLE MUNICIPAL CODE RELATING TO LEASE-PURCHASE AND LONG-TERM LEASEHOLD AGREEMENTS WHEREAS, at the November 3,2009 regular City election, the eligible electors of the City voted to amend Section 12-4(a) of the Home Rule Charter ("Charter") to eliminate the requirement under Section 12-4(a) for voter approval of any lease-purchase agreement and to provide that the City may enter into a lease-purchase agreement if such agreement is approved by the City Council by non-emergency ordinance; and WHEREAS, Section 3.04.130 of the Louisville Municipal Code ("Code") contains a prohibition on lease-purchase agreements which has been superseded by Section 12-(4) of the Charter, as amended at the November 3, 2009 regular City election; and WHEREAS, Section 3.04.130 of the Code further contains a prohibition on long-term leasehold agreements which prohibition is not required by the Charter; and WHEREAS, the City Council desires to amend Section 3.04.130 ofthe Code to incorporate therein the Charter requirements relating to lease-purchase agreements and to amend the requirements therein relating to long-term leasehold agreements; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO, THAT: Section 1. Section 3.04.130 of the Louisville Municipal Code is hereby repealed and reenacted to read in full as follows: Sec. 3.04.130. Lease-purchase and long-term leasehold agreements. A Any lease-purchase agreement entered into by the City shall be approved by the City Council by non-emergency ordinance. For the purposes of this section, "lease-purchase agreement" means: (1) Any installment purchase agreement for the purchase of real or personal property which requires or permits payments during more than one fiscal year, regardless of any right of the City to terminate the agreement; or (2) Any agreement for the lease or rental of real or personal property which requires or permits payments during more than one fiscal year, regardless of any right of the City to terminate the agreement, and under which title to the property is transfelTed at the end of the term for nominal or no additional consideration. R Any long-telm leasehold agreement entered into by the City shall be approved by the City Council by ordinance or resolution, as the City Council shall determine, subject to the further requirement that any lease of park or open space 1