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RESOLUTION NO. 11643
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO
4 ENTER INTO A LEASE TO PURCHASE AGREEMENT FOR
5 GOLF MAINTENANCE EQUIPMENT FROM STILLWATER
6 EQUIPMENT COMPANY; AND FOR OTHER PURPOSES.
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8 WHEREAS, Little Rock and Parks and Recreation Golf Courses have received
9 numerous, ongoing complaints about untimely and poor turf maintenance, and
10 WHEREAS, it was determined that old, and consequently, unreliable equipment
11 performance and a misapplied equipment replacement program were the causes, and
12 WHEREAS, Parks and Finance staff researched true lease, lease to purchase and
13 outright purchase options to address these causes, and
14 WHEREAS, it was determined that lease to purchase was the best option
15 because equipment can be updated more frequently, payments can be reduced and
16 equity can be recouped for new replacements, and
17 WHEREAS, true lease option provides continuing monthly payments and no
18 equity, and
19 WHEREAS, outright purchase option demands more funds than are available in
20 golf enterprises yearly operations budget.
21 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
22 THE CITY OF LITTLE ROCK, ARKANSAS:
23 Section 1. The City Manager is hereby authorized to enter into a lease to
24 purchase agreement for golf maintenance equipment from Stillwater Equipment
25 Company.
26 ADOPTED: December 2, 2003
[PAGE 1 OF 21
Rexolutlon ,
Appro ll to lease Golf Course Maintenance Equipment
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1 Section 1. The City Manager is hereby authorized to execute a lease to purchase
2 agreement, and other related documents, with Stillwater Equipment Company and
3 Deere Credit, Inc. for golf course maintenance equipment in an amount not to exceed
4 ninety eight thousand four hundred six and 60/100 dollars ($98,406.60) annually for
5 three years to provide golf course maintenance equipment.
6 Section 2. Funds for this lease will be available from short -term financing
7 pursuant to Amendment 78 to the Arkansas Constitution and the Local Government
8 Short -Term Financing Obligations Act of 2001.
9 Section 3. Severability. In the event any title, section, paragraph, item, sentence,
10 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
11 unconstitutional, such declaration or adjudication shall not affect the remaining
12 portions of the resolution which shall remain in full force and effect as if the portion so
13 declared or adjudged invalid or unconstitutional was not originally a part of the
14 resolution.
15 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that
16 are inconsistent with the provisions of this resolution, are hereby repealed to the extent
17 of such inconsistency.
18 Section 5. This resolution shall be in full force and effect from and after its
19 adoption.
20 ADOPTED:
21 ATTEST:
APPROVED:
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24 Na a cy W0 6/d, City Clerk Jim ailey, Mayor
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Resolution
Approval to Lease Golf Course Maintenance Equipment
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APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, Ciq Attorney
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Rexlutioa
Approval to Leace Golf Cou ie Maintenance Equipment
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