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2004-62

A RESOLUTION

AUTHORIZING A LEASE PURCHASE CONTRACT WITH BANC OF AMERICA LEASING & CAPITAL LLC FOR AN LED SIGNAL LIGHT CONVERSION PROJECT FOR AN INITIAL ANNUAL PAYMENT NOT TO EXCEED ONE HUNDRED AND FIFTY THOUSAND DOLLARS SUBJECT TO ANNUAL APPROPRIATIONS FOR A TERM OF SIX YEARS

WHEREAS, the City has determined it is cost effective to acquire LED lights for traffic signals which conserve energy and expenses; and,

WHEREAS, the City desires to finance said LED light conversion through a lease purchase contract; and,

WHEREAS, the City has issued Request for Proposal Number 2476 for said lease purchase contract and the lowest responsive, responsible bidder was Banc of America Leasing and Capital LLC.

NOW, THEREFORE, BE IT RESOLVED by the City Council of Lakewood, Colorado, that:

SECTION 1. The proposal of Banc of America Leasing and Capital LLC to provide lease purchase financing of the LED signal light conversion project as described in Request for Proposal Number 2476 is hereby accepted according to the specifications as set forth in said Request for Proposal.

SECTION 2. The City Manager is authorized to sign, and the City Clerk to attest, a lease purchase contract and such other related documents with Banc of America Leasing and Capital LLC in form approved by the City Attorney, for an original term though the end of this calendar year and up to six renewal terms, subject to annual appropriations by the City Council, with a lease payment amount not to exceed One Hundred Fifty Thousand ($150,000.00) dollars per year.

INTRODUCED, READ AND ADOPTED by a vote of 10 for and 0 against at a regular meeting of the City Council on June 28, 2004, at 7 o'clock p.m. at Lakewood City Hall, Civic Center South, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk