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ORDINANCE NO. 1695 SERIES 2015 AN ORDINANCE OF THE CITY OF LOUISVILLE, COLORADO AUTHORIZING AND APPROVING A LEASE PURCHASE FINANCING FOR SOLAR PANELS WITH ALPINE BANK AND, IN CONNECTION THEREWITH, CERTAIN RELATED DOCUMENTS AND TRANSACTIONS WITNESSETH: WHEREAS, the City of Louisville, Colorado ( "City ") is a home rule municipality and political subdivision of the State of Colorado (the "State "); and WHEREAS, the City Council of the City (the "Council ") wishes to participate in the Boulder County CEC Solar Array with the acquisition of 606 solar panels therein (collectively, the "Project "); and WHEREAS, to finance the Project, the Council now desires to cause Alpine Bank (the "Bank ") to purchase certain solar panels (the "Leased Property ") and further desires to lease the Leased Property from the Bank, subject to annual appropriation by the Council, with an option to purchase the Leased Property, pursuant to a Lease Purchase Agreement with the Bank (the "Lease "); and WHEREAS, the Council is authorized to enter into the Lease to lease from the Bank, with an option to purchase the same, the Bank's interest in the Leased Property as provided in such Lease, pursuant to Section 12 -4 of the City Charter and state law, including C.R.S. § 31 -15- 801 et seq.; and WHEREAS, the Lease shall expire on December 31 of any City fiscal year (a "Fiscal Year ") if the City has, on such date, failed, for any reason, to appropriate sufficient amounts authorized and directed to be used to pay all Base Rentals (as defined in the Lease) scheduled to be paid and all Additional Rentals (as defined in the Lease) estimated to be payable in the next ensuing Fiscal Year, and in certain other circumstances set forth in the Lease, and shall not constitute a mandatory charge or requirement against the City in any ensuing budget year unless the City decides to renew the Lease by appropriating the necessary such amounts; and WHEREAS, in order to implement the transactions described above, the Council desires (a) to authorize and approve the execution and delivery by the City of, and the performance by the City of its obligations under, the Lease and certain other documents described herein; and (b) to authorize, approve, ratify, make findings and take other actions with respect to the foregoing and related matters. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF LOUISVILLE, COLORADO: Ordinance No. 1695, Series 2015 Page 1 of 4