Ordinance No. 1457 2015

Authorizing the City of Coatesville to enter into a “Bank Qualified” lease agreement with First Niagara Leasing, Inc. for purposes of acquiring two police vehicles for the use of the City pursuant to a CoStar contract exempt from public bidding and with no pledge of full faith and credit and taxing power of the City as security for repayment, a non-appropriate clause which terminates the lease if payments are not appropriated by the City and containing payment terms which are less in duration than the useful life of the vehicles being leased, said agreement to require interest payments at rates as set forth in the attachment for a 3 year term for a maximum lease amount of $76,786.08