HomeMy WebLinkAbout1983-009 Telephone System/American BellRESOLUTION NO. ~-83
WHEREAS, the City Council has agreed to acquire a telephone
system from American Bell, Inc. pursuant to a purchase agreement
dated August 1, 1983; and
WHEREAS, the Council has determined that said system can best
be acquired through a lease of the system with the option to
purchase the same; and
WHEREAS, the City has received expressions of interest from
Citizens Development, Inc. and Idaho First National Bank to
acquire and lease the system to the City of Chubbuck.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Chubbuck, Idaho as follows:
1. It is unanimously approved and agreed by the Mayor and
Council of the City of Chubbuck, Bannock County, Idaho, to lease
the telephone system acquired from American Bell, Inc. pursuant to
the above-described purchase agreement for a term of four (4)
years at a 9.25 annual percentage rate.
2. The original acquisition cost of the telephone system is
Thirty-Two Thousand, One Hundred Thirteen Dollars and Ninety-Five
Cents ($32,113.95). The first lease payment will be in the amount
of Seven Thousand, Six Hundred Six Dollars and Thirty Cents
($7,606.30), paid in advance, followed by four annual payments in
the same amount payable on the anniversary of the first payment.
Upon the payment of the last annual payment, title to the
telephone system shall revert to the City of Chubbuck.
3. Citizens Development, Inc. shall act as the Lessor with
Idaho First National Bank acting as the financing entity.
Mayor John O. Cotant, Jr. and City Clerk, Ron C. Conlin, are
hereby authorized and ~ircct~-o sign the necessary documents on
behalf of the City of Chubbuck, Bannock County, Idaho.
RESOLUTION NO. 8-83 - PAGE 1
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4. The form of the lease shall be approved by the City
Attorney prior to the execution of the same by Mayor Cotant and
Clerk Conlin.
PASSED AND APPROVED BY THE CITY COUNCIL AND MAYOR OF THE CITY
OF CHUBBUCK, IDAHO, this 13th day of September, 1983.
ATTEST:
RON C. CONLIN, CLERK
RESOLUTION NO. 8-83 - PAGE 2
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