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ORDINANCE NO. q II (Series of 1986) AN ORDINANCE AUTHORIZING THAT CERTAIN LEASE AND AGREEMENT BETWEEN JINCO LEASING CORP., A COLORADO CORPORATION, AS LESSOR, AND THE CITY OF LOUISVILLE, COLORADO, AS LESSEE, IN THE AGGREGATE PRINCIPAL AMOUNT OF $154,525.00 AND IN CONNECTION WITH THAT CERTAIN REAL PROPERTY LOCATED IN THE CITY OF LOUISVILLE: PROVIDING FOR ANNUAL LEASE PAYMENTS: AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH WHEREAS, the City of Louisville, Colorado, is a political subdivision of the State of Colorado and statutory City organized and existing under the Constitution and laws of the State of Colorado (the "City); and WHEREAS, pursuant to Section 31-15-801, C.R.S., the City is authorized to enter into long-term leasehold agreements with an option to purchase; and WHEREAS, the City Council of the City (the ICounci1") hereby finds and determines that the lease with the option to purchase of certain real property in the City of Loui svil1 e is appropri ate and necessary for performi ng the authorized functions of the City and is in furtherance of the purposes of the City and the best interest of the residents thereof; and WHEREAS, the City is under contract to purchase said real property for an aggregate purchase price of $147,500.00 pursuant to that certain Contract to Buy and Sell Real Estate whi ch Contract is presently before the Ci ty Council; and WHEREAS, said Contract provides for assignment by the City of the interest as purchaser of said real property under the Contract; and WHEREAS, the Lease and Agreement shall not constitute a genera 1 obligation indebtedness of the City within the meaning of the Constitution and laws of the State of Colorado; and WHEREAS, the J INCO des i res to purchase said real property and to 1 ease said real property to the City, and the City desires to lease said real property from JINCO for the use and benefit of the residents of the City, pursuant to the terms and conditions hereinafter set forth. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: