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ORDINANCE NO. 1584 SERIES 2010 AN ORDINANCE AUTHORIZING THE NEGOTIATION, EXECUTION, AND DELIVERY OF AN EQUIPMENT LEASE AGREEMENT BETWEEN THE CITY OF LOUISVILLE, COLORADO, AND ZIONS CREDIT CORPORATION, SALT LAKE CITY, UTAH; PROVIDING FOR LEASE PAYMENTS FROM LEGALLY AVAILABLE LESSEE FUNDS; AND PRESCRIBING OTHER DETAILS IN CONNECTION THE REWITH. WHEREAS, the City of Louisville, Colorado (the "Lessee is a home rule municipal corporation duly organized and existing pursuant to the Constitution and laws of the State of Colorado; and WHEREAS, pursuant to its home rule charter and state laws, including without limitation section 31 -15 -801, C.R.S., as amended, the City Council of the Lessee (the "Council") is authorized to acquire, dispose of, and encumber real and personal property, including, without limitation, rights and interest in property, leases, including leases with or without the option to purchase, and easements necessary to the functions or the operations of the Lessee; and WHEREAS, the Council hereby finds and determines that the execution of an Equipment Lease Agreement (the "Equipment Lease for the purpose of leasing the equipment designated and set forth in Schedule A to the Equipment Lease is appropriate and necessary to the functions and operations of the Lessee; and WHEREAS, Zions Credit Corporation, Salt Lake City, Utah (the "Lessor duly organized, existing, and in good standing under the laws of the State of Utah, shall act as Lessor under said Equipment Lease; and WHEREAS, the Equipment Lease shall not constitute a general obligation indebtedness of the Lessee within the meaning of the Constitution and laws of the State, and does not create a multiple year obligation, and is expressly subject to non appropriation or annual renewal; and WHEREAS, the Equipment Lease does not create a multiple fiscal year direct or indirect Lessee debt or other financial obligation and does not require voter approval in advance under Section 4(b) of Article X, Section. 20 of the Colorado Constitution; and WHEREAS, the Equipment Lease will not cause the Lessee to exceed its spending limits; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. The Mayor and City Clerk are hereby authorized to enter into, execute, and deliver the Equipment Lease in substantially the form set forth in the document presently before the Council, which document is available for public inspection at the office of the Lessee. The Mayor is hereby further authorized to negotiate and approve such revisions to the Equipment Lease as are