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<br />8.- ( <br /> <br />101241529 11/19/92 02:17 PM REAL ESTATE RECORDS <br />F1778 CHARLOTTE HOUSTON BOULDER CNTY CO RECORDER <br /> <br />ORDINANCE NO. ~ <br />SERIES 1992 <br /> <br />AN ORDINANCE PROHIBITING FINANCING OF REAL OR PERSONAL <br />PROPERTY FOR GOVERNMENTAL OR PROPRIETARY PURPOSES THROUGH <br />LEASE-PURCHASE OR LONG-TERM LEASE AGREEMENTS. <br /> <br />WHEREAS, lease-purchase or long-term lease agreements impose <br />financial obligations on the City and its citizens; and <br /> <br />WHEREAS, it is preferable for the City to acquire necessary <br />land, buildings, equipment, and other real and personal property <br />through means other than long-term leases or lease-purchase <br />agreements, including advance funding or bonding. <br /> <br />\ 0 <br />/' <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF LOUISVILLE, COLORADO: <br /> <br />Section 1. Chapter 3.04 of the Louisville Municipal Code, <br />concerning Financial Procedures, is amended by the addition of a <br />new Section 3.04.130, to read: <br /> <br />3.04.130 Lease-purchase and long-term lease financing <br />prohibited. <br /> <br />A. Neither the City Council nor any officer, employee, <br />or agent of the City shall enter into or authorize <br />on behalf of the City any lease-purchase agreement <br />for the purchase of real or personal property, nor <br />any long-term leasehold agreement to provide land, <br />buildings, equipment, or other real or personal <br />property for City governmental or proprietary <br />purposes, whether authorized by C.R.S. ~31-15-801 <br />or other law. <br /> <br />B. For the purposes of this section, "lease-purchase <br />agreement" means any installment purchase agreement <br />for the purchase of real or personal property which <br />requires payments during more than one fiscal year <br />or any agreement for the lease or rental of real or <br />personal property which requires payments during <br />more than one fiscal year and under which title to <br />the property is transferred at the end of the term, <br />whether for additional consideration or not; and <br />"long-term leasehold agreement" means any lease <br />agreement which extends beyond more than one fiscal <br />year, whether or not terminable annually or subject <br />to annual appropriations. <br /> <br />1 <br />