Ordinance No. 1473 2016

Authorizing the City of Coatesville (the “City”) to enter into a “bank qualified” lease agreement with Manufacturers and Traders Trust Company (M&T Bank) for purposes of acquiring two police vehicles (2016 Ford Interceptor and 2016 Ford Expedition EL) and a Street Sweeper (2016 Johnston VT-651 DS Vacuum Street Sweeper) pursuant to COSTAR contracts and incurring lease obligations (not in excess of $89,993.17 (for the police vehicles) and $270,668.75 (for the street sweeper) to be evidenced by two (2) lease purchase agreements with Manufacturers and Traders Trust Company (the “lessor”) to which the City will pay to lessor the rental payments for the purpose of providing the said equipment for the City; authorizing the execution and delivery of such lease purchase agreements; setting forth the amounts of the rental payments to be made thereunder and covenanting to pay such amounts from current revenues, subject to annual appropriation; authorizing and directing the taking of necessary or appropriate actions including execution and delivery of requisite documents in connection with lease purchase agreements; and taking related actions.