Ordinance No. 1492 2017

Authorizing the City of Coatesville (the “City”) to enter into a “bank qualified” lease agreement with M&T Bank (bank) for purposes of acquiring 4 police vehicles (two (2) 2017 Ford interceptors and two (2) ford explorers) pursuant to Costar contracts and incurring lease obligations (not in excess of $140.221.42) for the police vehicles) to be evidenced by lease purchase agreements with the bank (the “lessor”) to which the City will pay to lessor the rental payments for the purposes of providing the said equipment for the City; authorizing the execution and delivery of such lease purchase agreement; 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 appropriate actions including execution and delivery of requisite documents imp connection with the lease purchase agreements and taking related actions