04-13-1987 Computer CNL LeaseV1111II /% __
CNB COL- ADO NATIONAL
LEASING, INC.
April 13, 1987
Mr. William James
Town of Avon
P. 0. Box 975
Avon, CO 81620
Dear Mr. James:
Re: Town of Avon, Equipment Lease #88206
Contract Date - May 11, 1983
I am enclosing, in accordance with paragraph 15 of the above -
referenced contract between Colorado National Leasing, Inc. and Town
of Avon, a duplicate original counterpart by which assignment of the
contract has been made to Colorado National Bank - Orchard Mesa.
The assignment of such contract shall not affect the fact that
Colorado National Leasing, Inc., in accordance with the Lease
Servicing Agreement with Colorado National Bank - Orchard Mesa, will
invoice Town of Avon for all future payments and that such payments
shall be remitted to Colorado National Leasing, Inc.
Please sign and date the original copy of this letter agreement and
return it to this office at the address below.
Sincerely,
Cyhghia Prince
Contract Administrative Manager
ACCEPTED AND AGREED TO THIS DAY OF , 19 �.
TOWN OF AVON
By l
Title �—
950 Seventeenth Street
Suite 2400
Denver, Colorado 80202
(303) 629 -7750
r
LEASE PURCHASE AGREEMENT
THIS LEASE PURCHASE AGREEMENT, dated as of May 11, 1983, is
made and entered into by and between COLORADO NATIONAL LEASING, INC.,
a Colorado Corporation, ( "CNL ") and COLORADO NATIONAL BANK - ORCHARD
MESA, ( "Bank ") a Colorado bank.
RF.rTTAT..q
A. CNL and Bank have conducted such examination of the terms
of a proposed Equipment Lease Agreement, Lease No. 88206, ( "Lease "), a
copy of which is attached hereto, between CNL and the Town of Avon,
(Lessee "), the documents relating to such lease, including any guaran-
tees, repurchase agreements, mortgages, security agreements and
financing statements to be executed in connection therewith (Lease and
related documents being hereinafter collectively referred to as the
"Lease Documents "), the property covered by the Lease ( "Property ") the
business and prospects of the Lessee and the adequacy of the security
to be provided in connection with the Lease, as CNL and Bank have each
deemed necessary and appropriate.
B. Based on such examination and in reliance on Bank's com-
mitment to purchase an interest in the Lease and the Property, CNL has
determined that it would be in its best interest to consummate the
Lease on substantially the same terms set forth in the Lease
Documents, and Bank, based on its examination of the transaction, has
determined that it would be in its best interest to acquire from CNL
an interest in the Lease and the Property.
C. CNL and Bank desire to effect such purchase and sale in
accordance with the terms and conditions set forth below.
AGREEMENT
In consideration of the mutual covenants and promises con-
tained herein and for other good and valuable consideration, the par-
ties hereto hereby agree as follows:
1. CNL hereby agrees to sell and Bank hereby agrees to
acquire from CNL, upon the consummation of the Lease, an undivided
ownership interest of.100% ( "Bank's Ownership Interest ") in and to
CNL's initial 100% interest in the Lease and the Property. In the
event such Lease is not consummated on substantially the same terms
and conditions as contemplated by the Lease Documents, this Agreement
shall terminate and be of no further force or effect.
CNL: 2. In consideration for such purchase, Bank shall pay to
(a) In cash or certified funds, upon the consummation of the
Lease, a nonrefundable fee of $1,115.69, which is 4.38% of the cost of
the lease property to CNL; and
(b) 1% of Bank's Ownership Interest in each payment made
under the Lease. Such fee shall be deducted by CNL from the amounts
otherwise payable to Bank pursuant to paragraph 5 hereof.
3. The delivery to Bank of an executed counterpart of the
Lease shall constitute the sale transfer and assignment to Bank of all
CNL's right, title and interest in and to the Lease and the Property,
and all benefits and advantages to be derived therefrom, to the extent
of Banks's Ownership Interest therein.
4. The Lease and the Property are acquired by Bank without
recourse to CNL, and CNL shall not be obligated to repurchase the
Lease or the Property for any reason.
5. Bank shall have full and complete ownership of the Lease
and the Property to the extent of such interest, shall be entitled to
receive, when, as and if collected, all payments under the Lease,
including all rental payments, and net proceeds derived from any
guaranty or from any collateral taken as security for the Lease and
the net proceeds realized by CNL from the exercise of the remedies
granted under the Lease upon the default of the Lessee or from any
sale or other disposition of the Property. The term net proceeds
shall mean the total amount recovered by CNL less the expenses and
obligations referred to in paragraph 9 thereof.
6. Bank hereby grants to CNL the right, on behalf of Bank,
to carry out the provisions of the Lease Documents, to enforce the
obligations and collect the payments due thereunder, to grant or with-
hold waivers, consents and approvals, and to exercise and enforce all
rights and privileges accruing to the lessor of the Lease by.reason of
the Lease Documents, including the right to extend or renew any lease
and change the amount or due dates of payments due thereunder. Such
rights shall be exercised by CNL in its sole discretion and in the
exercise of its business judgment, unless and until CNL receives writ-
ten notice from Bank revoking such authority. CNL shall handle all
transactions relating to the Lease and the Property in accordance with
CNL's usual and customary practices with respect to leases of this
type and shall adhere to the same standards of conduct as would be
applicable if there had been no transfer of the Lease and Property to
Bank, CNL shall maintain all books and records regarding.the Lease,
and of all billings and notices required thereunder, and prepare and
promptly submit to Bank with respect to all leases to which Bank has
acquired an interest from CNL a monthly lease receivable trial
balance, a monthly unearned income trial balance, a monthly service
fee trial balance and a monthly residual investment tax credit trial
balance, as well as such other reports as may be mutually agreed upon
from time to time.
7. The Lease Documents shall be in the name of CNL, as
lessor, and Bank hereby designates CNL as custodian to keep and safe-
guard all executed Lease Documents. CNL shall hold title to the Lease
and the Property and, with respect to Bank's Ownership Interest
therein, shall hold the same as agent for Bank for purposes of admi-
nistering the Lease and fulfilling its obligations hereunder, not-
withstanding the transfer of the Lease and the Property pursuant to
this Agreement. CNL may execute such documents and take such action,
on its and Bank's behalf, as may be reasonably necessary to effect the
transfer of title to and ownership of any of the Property upon the
sale or other disposition CNL and Bank agree to cooperate fully with
each other in the enforcement of the Lease and in collecting amounts
due thereunder. If requested by the other party, either party will
join in any action or proceeding maintained for the purpose of
enforcing, maintaining or preserving rights under the Lease or of
enforcing, protecting or realizing any security taken in connection
with the Lease.
8. CNL shall not be liable to Bank for any action or failure
to act or mistake on the part of its officers, employees, represen-
tatives or agents with respect to any transactions relating to the
Lease; provided, however, that CNL must act in good faith and engage
in no willful misconduct.
9. Any expense or obligations which CNL may incur, including
collection expenses, attorneys' fees, fees or disbursements incurred
by or for outside agents or representatives fees for storage and
repair and sales, property and other taxes, in enforcing, maintaining
or preserving the rights of CNL and Bank under the Lease or enforcing
or protecting or realizing on any security taken in connection with
the Lease, but excluding ordinary overhead expenses incurred by CNL,
shall, as between CNL and Bank, be borne by and be the sole respon-
sibility of Bank to the extent of Bank's Ownership Interest. If such
amounts are initially paid by CNL, Bank shall reimburse CNL for all
such amounts on demand.
10. CNL represents and warrants that all of the Lease
Documents will be duly authorized, executed and delivered by all par-
ties thereto in substantially the same form as heretofore approved by
Bank. Unless otherwise agreed by Bank, CNL represents and warrants
that the Property will not be delivered to the Lessee until after the
execution of this Agreement by Bank and CNL and that the Lease will be
executed and delivered by the parties and CNL and Bank will own the
Property, prior to the time it is placed in a condition or state of
readiness and availability for its specifically assigned function.
Except as expressly provided immediately above, CNL makes no represen-
tations or warranties in connection with the transaction contemplated
hereby, and specifically makes no representations or warranties,
express or implied, and assumes no liability to Bank with respect to
the solvency or financial worth or any lessee under the Lease, the
collectibility of any of the payments due under the Lease or of any of
the collateral, guarantees or other security for the Lease or the
proper treatment of the Lease under state and federal tax laws, all of
which matters have been independently investigated by Bank prior to
its execution of this Agreement.
11. It is agreed that CNL and Bank are co- owners of the Lease
and the Property and are not partners or joint venturers, and that CNL
is to act in all matters affecting the co- owners thereof as an inde-
pendent contractor engaged for the purpose of administering and
enforcing the Lease. In the event that either CNL or Bank shall be
sued or threatened with a suit in connection with the Lease or the
Property, or in the event that any action, claim or demand of any kind
shall be asserted against CNL or Bank, directly or indirectly,
relating to the Lease or the Property, then, in any event, any payment
in satisfaction or compromise of such suit, claim, action or demand
and any expenses, costs and attorney's fees paid or incurred in con-
nection therewith shall be borne by and be the sole responsibility of
Bank to the extent of Bank's Ownership Interest in the Lease and the
Property. If such amounts are initially paid by CNL, Bank shall reim-
burse CNL for all such amounts on demand.
12. Bank acknowledges and agrees that CNL may sell to other
persons all or a portion of CNL's undivided ownership interest in the
Lease and the Property without notice to or the consent of Bank.
13. Bank shall not assign, transfer or share its undivided
interest in the Lease or the Property to or with any person or entity
other than CNL without the prior consent of CNL. This Agreement shall
be governed by and construed in accordance with the laws of the state
of Colorado.
14. All notices required or permitted by this Agreement shall
be sufficient if delivered personally or mailed to the party at the
address hereinafter set forth or at such other address as either party
may designate in writing from time to time. Any such notice shall be
effective forty -eight (48) hours after it has been deposited in the
United States mail duly addressed, postage prepaid.
Bank:
Colorado National Bank - Orchard Mesa
2697 Highway 50
Grand Junction, Colorado 81503
CNL:
Colorado National Leasing, Inc.
Bldg. 51, Suite 150
14142 Denver West Parkway
Golden, Colorado 80401
IN WITNESS WHEREOF, the parties have through their duly
authorized representatives executed this Lease Purchase Agreement as
of the date and year first above written.
COLORADO NATIONAL LEASING, INC.
By �' c
COLORADO NATIONAL BANK - ORCHARD MESA
B 4,; William Tsson, President
JDebtorls):Na ne a 3 Mailing Address: 2. Secured Party(ies) Name and Address:
Town of A Irda�atfI Lix, '.
P.f3� $oa: 47 Bldg 51 Suite 15o
AVCM, CO 81620 16162 Deter vast parkway
Golden, ca 8001
4. This Financing Statement covers the following types (or items) of
property: (WARNING: If collateral is crops, fixtures, timber, or
minerals or other substances to be extracted or accounts resulting
from the sale thereof, read instructions on back.)
I-Alpha Micro C4 cater IVIOW
use #992 06 darted to a Lease Purchase.,.
Thin f ling Is far ;;RfMR -156 1purposes ,CIS.
o. ror ru.mg..Q;ticer (Date, Time NumbA and Filing Office):
5. Name and address of Assignee of Secured Party:
Check only if applicable.
❑ This Financing Statement is to be filed for record in the real estate records.
❑ Products of collateral are also covered.
6. This Statement is signed by the Secured Party instead of the Debtor to perfect a security interest in collateral
(Please check ❑ already subject to a security interest in another jurisdiction when it was brought into this state, or when the debtor's location was
appropriate box) changed to this state.
❑ which is proceeds of the original collateral described above in which a security interest was perfected;
❑ as to which the filing has lapsed; or
❑ acquired after a change of name, identity or corporate structure of the debtor.
7.* Cr hheckonly if applicable: ❑ The Debtor is a transmitting utility.
Signature(s) of Debtor(s)
Form approved by the Secretary of State and
the County Clerks and Recorders Association
(5) DEBTOR COPY
s
;) of Secured Party(ies)
COLORADO FORM U.C.C. 1 (REV. 1 -78)
BRADFORD PUBLISHING CO.
1. Debtor(s) Name and Mailing Address: 2 e Secured Party(ies) Name and Address:
Tim of Avon naiilta National Leaslu :
B.V. Z= 975 -aitog Si suite 150
Aveat CO 81620 14142 Deaver West Parkway
-Golden* CO 80401
4. This Financing Statement covers the following types (or items) of
property: (WARNING: If collateral is crops, fixtures, timber, or
minerals or other substances to be extracted or accounts resulting
from the sale thereof, read instructions on back.)
I•+Alpba Micro Cogonter
Lease 183206 dated ..f�f to, a :+eaft ftwehAse
This fills& Is for tiflen romE osly.
Check only if applicable.
• This Financing Statement is to be filed for record in the real estate records.
• Products of collateral are also covered.
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5. Name and address of Assignee of Secured Party:
6. This Statement is signed by the Secured Party instead of the Debtor to perfect a security interest in collateral
(Please check ❑ already subject to a security interest in another jurisdiction when it was brought into this state, or when the debtor's location was
appropriate box) changed to this state.
❑ which is proceeds of the original collateral described above in which a security interest was perfected;
❑ as to which the filing has lapsed; or
❑ acquired after a change of name, identity or corporate structure of the debtor.
7. „heck only ikgpplicable: ❑ The Debtor is a transmitting utility. I<_ T _ _ - - s _ r _ _.., _ — a T _ _ _ r _ _ -.
Signature(s) of Debtor(s)
Form approved by the Secretary of State and
the County Clerks and Recorders Association
(5) DEB I O2 COPY
Signature(s) of Secured Party(ies)
COLORADO FORM U.C.C. 1 (REV. 1 -78)
BRADFORD PUBLISHING CO.
COLORADO NATIONAL
LEASING, INC.
May 19, 1983
Town of Avon
P. O. Box 975
Avon, CO 81620
Gentlemen:
Enclosed are your copies of your new Municipal Lease. I'd
like to take this opportunity to welcome you to Colorado
National Leasing, Inc. We appreciate your confidence in our
company and are happy to offer our services to you. We
trust that you will think of us in connection with your
future equipment requirements.
If you should have any questions, please do not hesitate to
contact myself or anyone in the credit department.
Sincerely,
Kenneth B. Shuss
Lease Representative
KBS /chl
Enclosure
Building 51, Suite 150
14142 Denver West Parkway
Golden, Colorado 80401
(303) 278 -7750
0 1 Q,
ADDENDA I
_1
Lease No. 88206
EQUIPMENT LEASE AGREEMENT
(Municipal Lease)
The Lease is m
19_ between Colorado
corporation ( "Lessor"
In consideration
herein set forth, the
3de this
National Leas
), and the
of the mutual
parties agree
day of ,
ing, Inc., a C orado
Town of Avon
( "Lessee ").
covenants and promises
as follows:
1. LEASE. Lessor hereby leases to Lessee, and Lessee
hereby leases and hires from Lessor, the property, machinery
and equipment ( "Equipment ") described in the Equipment
Description (Exhibit A attached hereto and made a part
hereof).
2. TERM. This Lease shall commence on the date hereof
and unless sooner terminated as provided herein, shall
expire 5 year(s) from the date of first delivery of any
item of the Equipment.
3. RENT. Rent for the Equipment shall be in the
amount set forth in the Equipment Lease Schedule (Exhibit
B attached hereto and made a part hereof). Lessee shall pay
Lessor such rent in the amounts and at the times set forth
on Exhibit B at the office of Lessor in Golden, Colorado, or
to such other person and /or at such other place as Lessor
may from time to time designate in writing.
4. USE. Lessee shall use the Equipment in a careful
and proper manner and shall comply with all applicable
governmental laws, ordinances and regulations in any way
relating to the possession, use or maintenance of the
Equipment. If at any time during the term hereof Lessor
supplies Lessee with labels, plates or other markings,
stating that the Equipment is owned by Lessor, Lessee shall
affix the same to a prominent place on the Equipment.
5. LESSEE'S INSPECTION; WARRANTY DISCLAIMER.
(a) Lessee shall inspect the Equipment within
forty -eight (48) hours after receipt thereof. Unless Lessee
within such period of time gives written notice to Lessor,
specifying any defect in or other proper objection to the
Equipment, Lessee agrees that it shall be conclusively pre-
sumed, as between Lessor and Lessee, that Lessee has fully
inspected and acknowledged that.the Equipment is in good
condition and repair, and that Lessee is satisfied with and
has accepted the Equipment in such good condition and
repair. At or prior to expiration of such inspection
period, Lessee shall execute and deliver to Lessor the
Certificate of Acceptance. Exhibit C attached hereto and
made a part hereof).
(b) Lessor hereby assigns to Lessee for and during
the term of this Lease all manufacturer's warranties and
guarantees, express or implied, with respect to the
Equipment, to the extent such warranties and guarantees are
assignable. Lessee acknowledges that it selected each item
of Equipment based on its own analysis and investigation
from vendors chosen by Lessee and further acknowledges that
Lessor made no representations or warranties in connection
with the Equipment or vendors. LESSOR MAKES NO WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO THE EQUIPMENT AND
EXPRESSLY DISCLAIMS ANY WARRANTY REGARDING THE
-1-
MERCHANTABILITY OF THE EQUIPMENT, ITS FITNESS FOR A
PARTICULAR PURPOSE, ITS DESIGN, CONDITION OR WORKMANSHIP AND
THE ENFORCEABILITY OF ANY WARRANTY OR GUARANTEE OF THE
MANUFACTURER OF THE EQUIPMENT.
6. LESSOR'S INSPECTION. Lessor shall at any and all
times during business hours have the right to enter into and
upon the premises where the Equipment may be located for the
purpose of inspecting the same or observing its use.
7. ALTERATIONS. Without the prior written consent of
Lessor, Lessee shall not make any alterations, additions or
improvements to the Equipment.
8. REPAIRS. Lessee, at its own cost and expense,
shall keep the Equipment in good repair and condition and
shall bear all expenses of the maintenance and operation of
the Equipment.
9. INSURANCE; LOSS AND DAMAGE; AGREED OPTION PRICE.
Lessee shall keep the Equipment insured against all risks of
loss or damage by fire and such other risks as are covered
by endorsement commonly known as supplemental or extended
coverage for the greater of the fair market value thereof or
the "Agreed Option Price" set forth in Exhibit B attached
hereto with respect to the Equipment. Lessee shall also
carry public liability and property damage insurance
covering the Equipment in amounts not less than $200,000 in
respect of bodily injury or death to any person, not less
than $500,000 in respect of any one accident, and not less
than $100,000 in respect of property damage. All such
liability insurance shall insure both Lessor and Lessee and
all such property damage insurance shall name Lessor as loss
payee as its interest may appear. Lessee may effect such
coverages under its blanket policies. No loss or damage to
the Equipment or any part thereof shall impair any obliga-
tion of the Lessee under this Lease which shall continue in
full force and effect. In the event of loss or damage of
any kind whatever to any item of Equipment, the proceeds of
such insurance shall be applied to any item of Equipment:
(a) To place the same in good repair, condition and
working order, or replace the same with like Equipment in
good repair, condition and working order; or
(b) If, in the reasonable judgment of Lessor, the
Equipment is determined to be lost, stolen, destroyed or
damaged beyond repair, Lessee shall pay Lessor therefor in
cash, to the extent the insurance proceeds paid to Lessor
may be insufficient, the Agreed Option Price set forth in
Exhibit B determined as of the date of the last full rental
payment made by Lessee, plus interest on such Agreed Option
Price at the rate set forth in Exhibit B from the date of
the last full rental payment until the date of payment for
the Equipment. Upon such payment this Lease shall terminate
with respect to the Equipment so paid for and Lessor will
thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee "AS -IS- WHERE -IS,"
WITHOUT WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
10. SURRENDER. Except as provided in paragraph 20
hereof, upon the expiration or earlier termination of this
Lease, Lessee shall (unless Lessee has purchased the
Equipment pursuant to paragraphs 9 or 19 hereof) return the
same to Lessor in good repair, condition and working order,
ordinary wear and tear resulting from proper use thereof
excepted, by delivering, at Lessee's sole cost and expense,
possession of the Equipment to Lessor at such place as
Lessor may designate.
DOC
l
11. TAXES AND LIENS.
(a) Lessee agrees to pay and to indemnify and hold
Lessor harmless from all license, sales, use, personal pro-
perty or other taxes together with any penalties, fines or
interest thereon imposed or levied with respect to the
Equipment or the ownership, delivery, lease, possession,
use, operation, sale or the disposition thereof, or upon the
rentals or earnings arising therefrom.
(b) Lessee shall not directly or indirectly
create, incur, assume or suffer to exist any security
interest, lien or encumbrance on or with respect to any item
of Equipment or any interest therein. Lessee shall
promptly, at its expense, take such action as may be
necessary to discharge any such security interest, lien or
encumbrance as and when the same shall arise.
12. LESSOR'S PAYMENT. In case of the failure of the
Lessee to procure or maintain insurance on the Equipment,
pay taxes on or with respect to the Equipment or maintain
the Equipment free and clear of any security interests,
liens and encumbrances, as herein specified, Lessor shall
have the right, but not be obligated, to effect such
insurance, to pay such taxes and discharge such security
interest, liens and encumbrances and the cost thereof shall
be repayable to Lessor with the next installment of rent.
13. DEFAULT. If the Lessee shall fail to pay the rent
due and payable under Exhibit B attched hereto within ten
(10) days after the same is due and payable, or if the
Lessee shall fail to observe, keep or perform any other pro-
vision of this Lease for a period of ten (10) days after
receipt of written notice thereof, Lessor shall have the
right to exercise any one or more of the following remedies:
(a) To terminate this Lease and to sue for and
recover all rents and other payments then accrued and unpaid
hereunder and all rents and other payments which will accrue
during the then current fiscal year of Lessee.
(b) To retain all rentals and to take possession
of any or all items or Equipment, without further demand or
notice and without any court order or other process of law,
and either to remove the same or to lease the same to others.
14. TERMINATION FOR NON - APPROPRIATION.
Notwithstanding anything herein to the contrary, if Lessee
does not appropriate funds for any fiscal year of Lessee
during the term hereof sufficient to pay the amounts due
hereunder in such fiscal year and Lessee has exhausted all
funds legally available for payments due under this Lease,
Lessee may, by written notice given to Lessor no later than
ten (10) days after adoption of the budget for such fiscal
year, thereupon terminate this Lease. Upon such ter-
mination, Lessee shall return the Equipment to Lessor in
accordance with paragraph 10 hereof and pay all rents and
other payments due to Lessor for periods prior to the date
the Equipment is so returned to Lessor. If Lessee ter-
minates this Lease under the provisions of this paragraph
#14, Lessee may not, during the remaining term of this
Lease, replace the Equipment subject to this Lease with like
kind or similarly functional Equipment or acquire the use of
replacement Equipment of any kind during the remaining term
E of this Lease.
15. ASSIGNMENT. Without the prior written consent of
Lessor, Lessee shall neither assign, transfer, pledge or
hypothecate this Lease, the Equipment or any part thereof,
or any interest therein, nor sublet any item of Equipment.
It is understood that Lessor contemplates assigning this
Lease or interests in the Equipment and that Lessor's
-3-
J 4
assignee may also assign the same. All rights of Lessor
hereunder may be assigned, transferred, or otherwise
disposed of, either in whole or in part, without notice to
Lessee; provided, however that no assignment of this Lease
or any interest therein shall be made except subject to the
rights granted to the Lessee by virtue of this Lease; and
provided further that no assignee of Lessor shall be obli-
gated to perform any duty, covenant or condition required to
be performed by Lessor under the terms of this Lease.
16. PERSONAL PROPERTY. The Equipment is, and shall at
all times be and remain, personal property notwithstanding
that the Equipment may be affixed or attached to, or
imbedded in, or permanently resting upon, real property or
any building thereon, or attached in any manner to what is
permanent as by means of cement, plaster, nails, bolts,
screws or otherwise.
17. INDEMNITY; LIMITS OF LIABILITY. Lessee hereby
assumes liability for and agrees to indemnify and hold
Lessor harmless from and against any and all debts, liabili-
ties, obligations, claims and expenses, including court
costs and attorney's fees, incurred by or asserted against
Lessor in connection with, arising out of or incident to the
ownership, delivery, lease, possession, use, operation, con-
dition, sale or other disposition of any item of Equipment.
Lessor is not responsible for any repairs or service to the
Equipment or any defects therein. Lessor shall not be
liable for any consequential, incidental or special damages
of any character as a result of or arising out of the lease
of the Equipment, or any item thereof, including loss of
profits, property damage or lost production, whether suf-
fered by Lessee or any other person.
18. INTEREST. Should Lessee fail to pay any part of
the rent herein reserved or any other sum required by Lessee
to be paid to Lessor, within 10 days after the due date
thereof, Lessee shall pay to the Lessor interest on such
delinquent payment from the due date until paid at the rate
of 10.75o per annum.
19. OPTION. Provided Lessee is not in default in the
performance of its obligations hereunder, Lessee shall have
the option, at any time after one year from the commencement
of this lease to purchase the Equipment for an amount equal
to the Agreed Option Price thereof set forth in Exhibit B at
the date of the last full rental payment, plus interest on
such Agreed Option Price at the rate set forth in Exhibit B
from the date of the last full rental payment until the date
of payment for the Equipment. Such option to purchase the
Equipment shall be exercised by the payment of the Agreed
Option Price plus interest as herein provided to Lessor at
Lessor's office in Golden, Colorado. If Lessee exercises
the option to purchase the Equipment, title thereto shall
thereupon become vested in Lessee and Lessor will thereupon
execute and deliver to Lessee a bill of sale transferring
such Equipment to Lessee "AS- IS- WHERE -IS ", WITHOUT WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO ANY MATTER WHATSOEVER.
20. EXPIRATION. If Lessee shall comply with all pro-
visions of this Lease on its part to be kept and performed,
• then upon the ex irati'_ion of this Lease, al right, tit-le and
P p 1 7..t, ti �_� a_...
interest of Lessor in the Equipment subject to this Lease
shall vest in and become the property of Lessee, and Lessor
will thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee, "AS- IS- WHERE -IS ",
WITHOUT WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
-4-
21. TAX EXEMPTION. The "Rent ", "Interest ", "Agreed
Option Price" and other computations set forth in this Lease
and exhibits attached hereto have been fixed and computed
upon the assumption that the amount designated as "Interest"
will be exempt from federal income taxation and (if so noted
on Exhibit B) state income taxation in the hands of the
Lessor and its assignees. If it is determined that such
"Interest" payments are not so exempt, then the items of
"Rent ", "Interest ", "Agreed Option Price" and related com-
putations payable by the Lessee to Lessor hereunder shall be
adjusted so as to provide Lessor with the amount of such
items as shall equal, on an after tax basis, the amount
thereof set forth in this Lease and Exhibits attached
hereto. The method and timing of the payment of such
adjustment shall be as mutually agreed upon promptly
following notice to Lessee of the need for such adjustment.
22. FINANCIAL STATEMENTS. Lessee shall furnish to
Lessor, within sixty (60) days after the end of each fiscal
quarter of Lessee, financial statements of Lessee which
shall include a balance sheet and statement of revenue and
expense of Lessee for the quarter and the year to date and
such other information and reports as Lessor shall reaso-
nably request. All such financial statements shall be cer-
tified to be true and correct by the appropriate officer of
Lessee.
23. CLAIMS. Lessor hereby appoints and constitutes
Lessee as its agent and attorney -in -fact during the term of
this Lease to assert and enforce, at the sole cost and
expense of the Lessee, whatever claims and rights the Lessor
may have as owner of the Equipment against any vendors,
manufacturers, suppliers or contractors in respect thereof.
24. NON - WAIVER. No waiver of any of the Lessee's
obligations under this Lease shall be deemed to take place
unless such waiver has been made in writing and signed by
the Lessor. Failure to exercise any remedy which Lessor may
have under this Lease or any other acquiescence by the
Lessor in any default by the Lessee shall not constitute a
waiver of any obligation of Lessee hereunder, including the
obligation as to which Lessee is in default.
25. CONCURRENT REMEDIES. No right or remedy conferred
upon or reserved to the Lessor in this Lease is exclusive of
any other right or remedy provided or permitted herein by
law or equity; but each shall be cumulative of any other
right or remedy given hereunder, or now or hereafter
existing at law or in equity or by statute or otherwise, and
may be enforced concurrently therewith, or from time to
time.
26. MODIFICATION. This Lease constitutes the entire
agreement between Lessor and Lessee and shall not be
amended, altered or modified except in a writing signed by
the parties hereto.
27. NOTICES. All notices required or permitted
hereunder shall be sufficient if delivered personally or
mailed to the parties at the address hereafter set forth or
at such other address as either party may designate in
writing from time to time. Any such notice shall be effec-
tive 48 hours after it has been deposited in the United
States mail, duly addressed and with postage prepaid.
28. GOVERNING LAW. This Lease and other instruments
or documents executed by the parties hereto, and the rights
and duties of the parties hereto, shall be construed and
enforced in accordance with the laws of the State of
Colorado.
-5-
I I
29. TIME. Time is of the essence of this Lease and
each and all of its provisions.
30. SEVERABILITY. If any provision in this Lease or
the application of such provision to any person or cir-
cumstance shall be invalid, illegal or unenforceable, the
remainder of this Lease or the application of such provision
to persons or circumstances other than those to which it is
invalid, illegal or unenforceable shall not be affected
thereby.
IN WITNESS WHEREOF, the parties hereto have executed
this Lease the day and year first above written.
LESSOR:
COLORADO NATIONAL LEA ING, INC.
By
Bldg. 51 y Suite 150
14142 Denver West Pkwy.
Golden, CO 80401
LESSEE:
TOWN OF •
ATTACHMENTS:
Resolution No. of the 1�6
Equipment Description (Exhibit A)
Equipment Lease Schedule (Exhibit B)
Certificate of Acceptance (Exhibit C)
Opinion of Counsel
Incumbancy Certificate
-6-
EXHIBIT A
Lease #88206
EQUIPMENT LEASE SCHEDULE
A. EQUIPMENT LEASED:
1 - Alpha Micro Computer, Model 1000, 2--- Televideo CRTs', 1 -
N.E.C. Letter quality Printer w /software to include: General Ledger,
Accounts Payroll, Accounts Receivable, Information Management, Word
Process, Bank Reconciliation
B. TERM: Unless sooner terminated as set forth in the
Lease, the term of this Lease respecting each item of
equipment listed on this schedule on shall commence on
,�9 and shall expire on
C. RENT: As rent for said equipment, Lessee shall pay
Lessor the sum of $32,760.00 , payable in
installments as follows: 60 consecutive monthly installments
of $546.00
commencing on which said
installments of rental include interest at a rate of
10.75 per annum on the Agreed Option Price.
D. LOCATION: The above described equipment shall be
located at Town of Avon, Avon, Colorado
and shall not be removed therefrom without the prior
written consent of Lessor.
APPROVED AND AGREED TO THIS l/ DAY OF �i 1g'3
as a schedule to that certain Lease dated the day
of lg 9-?
COLORA NATION .EASING, INC.
By
LESSOR
TOWN OF AVON
EXHIBIT C Lease #88206
CERTIFICATE OF ACCEPTANCE
The undersigned hereby certifies that it has
received, inspected, approved and hereby accepts delivery of
the following equipment upon the terms and conditions set
forth /herein and in that Equipment Lease Agreement dated
` 9J,3 between the undersigned and
Coloradot ational Leasing, Inc., a Colorado corporation:
1. Description of Equipment
1 - Alpha Micro Computer, model 1000, 2 - Televideo CRT's, 1 - N.E.C.
Letter quality Printer. Software to include: General Ledger, Accounts
Payroll, Accounts Receivable, Information Management, Word Processing,
Bank Reconciliation
2. Cost:
The cost of the equipment is $ 2S.497.00
The undersigned further certified that the
foregoing equipment is in good order and condition, and con-
forms to the specifications applicable thereto.
The execution of this Certificate will in no way
relieve or decrease the responsibility of the manufacturer
of the equipment for any warranties it has made with respect
to the same.
The undersigned hereby requests Colorado National
Leasing, Inc. to process payment in the amount of $ 25.497.00
to the vendor.
ATE :
Dated: � 1 q g
TOWN OF AVON
B D
Lessee
Unless sooner terminated as set forth 1 the Lease, the term of this lease resRe�ting each
n'
item of equipment shall commence on 1/1 /q t-? and shall expire on 4"Ll 14199&
As rent for said equipment, Lessee s�all ay Lessor the sum of $32 - -
,760.00,/payable in
insWlments as follows: 60 consecutive monthly installments of $546.00 commencing on
t/1 19kZ which said installments of rent,.include interest at the rate of 10.75
per um on the balance of principal.
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PlITPITMT
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PPJVCTPAL
- - - - - - - - - - - -
PPTNCTPAL
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2q,407.00
26,612.69
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7
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Unless sooner terminated as set forth 1 the Lease, the term of this lease resRe�ting each
n'
item of equipment shall commence on 1/1 /q t-? and shall expire on 4"Ll 14199&
As rent for said equipment, Lessee s�all ay Lessor the sum of $32 - -
,760.00,/payable in
insWlments as follows: 60 consecutive monthly installments of $546.00 commencing on
t/1 19kZ which said installments of rent,.include interest at the rate of 10.75
per um on the balance of principal.
t
I�-1\`
ORDINANCE NO. 483 - 16
SERIES OF 1983
AN ORDINANCE AUTHORIZING EXECUTION OF
CERTAIN EQUIPMENT LEASE AGREEMENTS
BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO:
Section 1. Those certain Equipment Lease Agreements,
together with their Exhibits A, B, and C, copies of which
agreements are attached hereto as Addenda I, and the terms of
each are hereby approved, and the acquisition of the municipal
properties described therein are hereby authorized.
Section 2. The Mayor and Town Clerk are hereby
authorized and directed to execute each of said Equipment
Lease Agreements.
INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED POSTED,
THIS . .' , . . ( day of 1 ;. +. li
, 1983, and a public hearing
on this Ordinance shall be held at the regular meeting of the
Town Council of the Town of Avon, Colorado, on the /. day
of e ",4 , 1983 at 12:00 noon in the Municipal Building
of thb Town of Avon, Colorado.
Allan R. tingham, or
r 1 ATTEST
Patricia J. Doyle, Town C erk
INTRODUCED, PASSED ON SECOND READING, APPROVED AND ORDERED POSTED
THIS 12th DAY OF April , 1983.
,- &TTEST :
•"
"Patricia
le, Town /Cler
r
A lan R. N ttingham, I or
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN COUNCIL
OF THE TOWN OF AVON, COLORADO, AT 7:30 P.M. ON THE 12TH DAY OF
APRIL, 1983 AT THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON,
COLORADO FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE
NO. #83 -16, SERIES OF 1983:
AN ORDINANCE AUTHORIZING EXECUTION OF CERTAIN,EQUIPMENT LEASE
AGREEMENTS.
A copy of said Ordinance is attached hereto and is also on file
at the office of the town clerk and may be inspected during regular
business hours.
Following this hearing, the Council may consider final passage of
this Ordinance.
This notice given and passed by order of the Town Council of the
Town of Avon, Colorado.
Dated this 25th day of March, 1983.
TOWN OF�VON, COLORADO
("-_ Patri.cia . Do le, Town Cl k
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON
MARCH 25, 1983:
THE MAIN ENTRANCE OF THE POST OFFICE,
THE MAIN ENTRANCE TO CITY MARKET,
THE PESTER GAS STATION; AND
THE MAIN LOBBY IN THE MUNICIPAL BUILDING
PETER COSGRIFF
JOHN W. DUNN
ROBERT H. S. FRENCH
STEPHEN C. WEST
TIMOTHY H. BERRY
DAVID H. MILLER
ARTHUR A. ABPLANALP, JR.
JOHN B. WOOD
LAW OFFICES
COSGRIFF, DUNN & FRENCH, P. C.
P. O. BOX 340
VAIL, COLORADO 81658
(303) 476 -7552
April 20, 1983
Colorado National Leasing, Inc.
14142 Denver West Parkway
Building 41, Suite 150
Golden, Colorado 80401
Re: Equipment Lease Agreement
Gentlemen:
LEADVILLE OFFICE:
P. 0. BOX 1 I
LEADVILLE, COLORADO 80461
(303) 486.1885
BRECKENRIDGE OFFICE:
P. O. BOX 588
BRECKENRIDGE, COLORADO 80424
(303) 453 -2901
We have acted as counsel to the Town of Avon in
connection with the execution and delivery of an Equipment
Lease Agreement, Lease No. 88206, including the Equipment
Lease Schedules, Exhibits and Certificates attached thereto,
between Colorado National Leasings, Inc., a Colorado
corporation, and Town of Avon, pursuant to which the Town of
Avon has agreed to lease the equipment referred to in the
Equipment Lease Agreement on the terms therein contained.
In rendering this opinion, we have examined copies
of the Equipment Lease Agreement, and the Equipment Lease
Schedules as well as such other documents, records, certifi-
cates and legal matters as we have deemed relevant and
necessary as a basis for our opinion hereinafter set forth.
Based on the foregoing, it is our opinion that:
1. The Town of Avon has all the requisite power
and authority to lease the property which is the subject of
the Equipment Lease Agreement and has all requisite power
and authority to enter into such Equipment Lease Agreement,
each Equipment Lease Schedule and the Certificate of Accep-
tance attached thereto.
2. The Equipment Lease Agreement and each Equip-
ment Lease schedule has been duly authorized, executed and
delivered by the Town of Avon and constitute the legal,
valid and binding obligations of the Town of Avon,
enforceable against the Town of Avon in accordance with
their respective terms.
3. The execution, delivery and performance by the
Town of Avon of the Equipment Lease Agreement, each
Equipment Lease Schedule and the Certificate of Acceptance
will not violate or contravene any provision of the existing
Colorado or federal law or any order of any court or govern-
mental agency having jurisdiction, the Town Charter, or any
mortgage, indenture, security agreement or other instrument
to which the Town of Avon is a party or by which it, or any
of its property, is bound.
Yours very truly,
COS W UNN & FRENCH, P. C.
By .�
JohnJW. Dunn
JWD :kem:M5
cc: Mr. James
PETER COSGRIFF
JOHN W. DUNN
ROBERT H. S. FRENCH
STEPHEN C. WEST
TIMOTHY H. BERRY
DAVID H. MILLER
ARTHUR A. ASPLANALP, JR.
JOHN B. WOOD
LAW OFFICES
COSGRIFF, DUNN & FRENCH, P. C.
P. O. BOX 340
VAIL, COLORADO 81658
(303) 476.7552
April 20, 1983
Colorado National Leasing, Inc.
14142 Denver West Parkway
Building 41, Suite 150
Golden, Colorado 80401
Re: Equipment Lease Agreement
Gentlemen:
LEADVILLE OFFICE:
P. O. BOX 11
LEADVILLE. COLORADO 80461
(303) 486.1685
BRECKENRIDGE OFFICE:
P. O. BOX 568
BRECKENRIDGE, COLORADO 80424
1303) 453 -2901
We have acted as counsel to the Town of Avon in
connection with the execution and delivery of an E(;uipmert
Lease Agreement, Lease No. 88206; including the Equipment
Lease Schedules, Exhibits and Certificates attached thereto,
between Colorado National Leasings, Inc., a Colorado
corporation, and Town of Avon, pursuant to which the Town of
Avon has agreed to lease the equipment referred to in the
Equipment Lease Agreement on the terms therein contained.
In rendering this opinion, we have examined copies
of the Equipment Lease lnreement, and the Equipment Lease
Schedules as well as such other docur;ents, records, certifi-
cates and legal matters as we have deemed relevant and
necessary as a basis for our opinion hereinafter set forth.
Lased on the foregoing, it is our opinion that:
1. The Town of Avon has all the requisite power
and authority to lease the property which is the subject of
the Equipment Lease Agreement and has all requisite power
and authority to enter into such Equipment Lease Agreement,
each Equipment Lease Schedule and the Certificate of Accep-
tance attached thereto.
2. The Equipment Lease Agreement and each Equip-
ment Lease schedule has been duly authorized, executed and
delivered by the Town of Avon and constitute the legal,
valid and binding obligations of the Town of Avon,
enforceable against the Town of Avon in accordance with
their respective terms.
r
3. The execution, delivery and performance by the
Town of Avon of the Equipment Lease Agreement, each
Equipment Lease Schedule and the Certificate of Acceptance
will not violate or contravene any provision of the existing
Colorado or federal law or any order of any court or govern-
mental agency having jurisdiction, the Town Charter, or any
mortgage, indenture, security agreement or other instrument
to which the Town of Avon is a party or by which it, or any
of its property, is bound.
JWD :kem:M5
cc: Mr. James
Yours very truly,
COS W UNN & FRENCH, P. C.
Hy . I'44,�
John W. Dunn
r.�
TO: Richard D. Blodgett, Town Manager
FROM: William D. James, Finance Director V)ro
DATE: March 3, 1983
SUBJECT: Lease /Purchase of Computer Equipment
As you know, we have been researching the possibility of an in house
computer. To date, we have taken bids, rejected those bids, and
received revised estimates on both computer hardware and software.
Equipment being considered included systems with the option of a
word processor.
I have seen numerous pieces of equipment and software packages from
the bidders as well as other system demonstrations in the area and
at the Rocky Mountain Computer Show in Denver. The approach used
from the start in selecting a data processing system was a turn key
operation. We want the supplier to be the town's "Computer Staff."
Other main factors were 1) service, 2) ease of operation, 3) expand-
ability, 4) training, and 5) cost. When we initially took bids,
I was probably responsible for the high cost,. I surveyed a number of
government organizations similar in size of operation, all were
using a mini computer system. After the bids were received, I
met with the Council Committee Sheila Davis, Al Connell and Larry
Kumpost, to review the bids. The general consensus of the committee
was that the software did not comply with the specifications and the
total price. Therefore, the committee recommended that the bids be
rejected.
In the meantime, I have reviewed the Town's computer hardware needs and
basically reached a decision that a computer with less capacity
would be sufficient with expandibility for future use. Also, I
reviewed the software applications and revised the town's needs as to
the type of software that would efficiently process the financial
records and maintain adequate fiscal controls.
In addition to purchasing a computer for the Town, I also contacted
Upper Eagle Valley Sanitation District to explore the possibility of
using their equipment on a time - sharing basis. However, UEVSD, is
currently using this equipment close to capacity and is experiencing
occassional bottlenecks in processing data. Therefore, UEVSD would
have to purchase other equipment to add the Town of Avon as part of
their data processing operation.
In reviewing the current proposals, I have reached the decision that
Watts Computer System, Inc., is the most qualified vendor to handle
the Town's data processing needs. This decision is based upon the
following:
1) Present equipment can be used.
2) Staff is familiar with the software.
3) The software is proven as adequate accounting and
fiscal control.
4) Training is local and because of staff familiarity
with the hardware and software, conversion will be less
time consuming.
5) Service is local for both software and hardware.
6) Hardware is expandable.
7) Watts can provide the equipment at a competitive price.
,1�---1,
The following is a breakdown of the cost for the computer system.
The analysis is presented in three phases: 1) Financial Functions,
2) Word Processing, 3) Other applications.
* Software programs to be demonstrated. May or may not be purchased:
1) Financial System
Hardware (Includes cost of Installation)
Computer System $ 9,517
General Ledger
$ 995
Accounts Payable
995
Payroll
995
Accounts Receivable
995
*Bank Reconciliation
995
*Information Management
500
$ 5,475
TOTAL NEW SYSTEM
$14,992
Refinance Present Equipment
$ 2,512
(Terminal /Printer)
Update Present Printer
Son
TOTAL FINANCIAL SYSTEM $18,004
Monthly Charges
inance arges(5yrs. @100) $ 382.53
Software 50.00
Hardware Maintenance 120.95
TOTAL MONTHLY CHARGES $ 553.48
Monthly Charges for
Current Operations $ 950.00
2) Word Processing
Hardware, Including Installation
128K Memory Expansion $ 900.00
(1) Terminal 1,217.00
Quality Printer 3,695.00
TOTAL $ 5,812.00
Word Processing 1,500.00
TOTAL WORD PROCESSING $7,312.00
Less $1,500 down payment
(1983 budget) - 1,500.00
NET AMOUNT TO BE FINANCED $5,812.00
Monthly Charges
Finance Charges (5 yrs. @loo) $ 123.49
Software Maintenance P1 /A
Hardware Maintenance 58.12
TOTAL MONTHLY CHARGES $ 181.61
3) Other Applications (Engineering & Planning)
Hardware (Cost of Installation Included)
4 port I/O board with CP /M
Allows system to use other
software programs such as
Apple II applications $ 2,000
(1) 'germinal (can also be used
for word processing) 1,217
$ 3,217
Software
No proposed software
applications. With the CPM
a number of companies and
Municipalities have developed
software packages.
TOTAL OTHER APPLICATIONS $ 3,217
Less $1,500 down payment
(1983 budget) $ -1,500
NET AMOUNT TO BE FINANCED $ 1,717
Monthly Charges
Finance charges (5 yrs. @10 %) $ 36.48
Software Maintenance N/A
Hardware Maintenance 32.17
TOTAL MONTHLY CHARGE $ 68.65
NOTE: Engineering & Planning will have $1,500 remaining in their
budgets for software programs to be purchased.
SUMMARY OF MONTHLY SYSTEM COST:
Financial System $ 553.48
Word Processing 181.61
Other Applications 68.65
Current Monthly Charges $ 950.00
Net Savings Per Month 146.26
Amount Budgeted Per Month 1,000.00
$ 803.74
Therefore, I recommend that the Town be authorized to lease /purchase
a computer system from Watts Computer Systems, Inc., of Vail, in an
amount not to exceed $26,500; refinance present equipment and arrange
financing through Colorado National Leasing at an interest rate not to
exceed 10 %.