§ 17-380. Leases authorized; general terms thereof.

The board of county commissioners is hereby authorized and empowered to prepare, execute and deliver a lease, pursuant to the terms and provisions of which the county shall lease-purchase equipment from one (1) or more equipment-lessors. Any lease entered into between the county and an equipment-lessor:

(1)

Shall provide that payments due under such lease as rent or otherwise shall be made from legally available non-ad valorem revenues of the county budgeted and appropriated by the board of county commissioners for such purpose and shall not constitute an indebtedness of the county within the meaning of any constitutional, statutory or charter provision or limitation;

(2)

Shall set forth the term of the lease-purchase of the equipment (which term shall not exceed the average useful life of the equipment subject thereto), the amount of lease payments to be made by the county in respect thereof, the due dates for such lease payments, and such other terms and provisions as may be approved by the board of county commissioners;

(3)

Shall set forth the term or renewal terms, if applicable, of such lease, provided such lease may be terminated at the end of each fiscal year by the county in the event the board of county commissioners does not appropriate sufficient moneys to make the lease payments for the next succeeding fiscal year;

(4)

Shall provide that the failure of the board of county commissioners to make annual appropriations for or otherwise renew or extend the initial term or any renewal term of such lease shall not require the payment of any penalty nor constitute a default by the county under such lease;

(5)

May provide that the title to the equipment leased pursuant to such lease shall remain in the equipment-lessor until such time as the equipment is acquired by the county or is otherwise disposed of in accordance with the terms of such lease;

(6)

May provide that the lease payments to be made by the county shall not be subject to set-off or abatement;

(7)

May provide that the county may act as agent of the equipment-lessor in acquiring and installing the equipment;

(8)

May provide such remedies to the equipment-lessor or the trustee as may be available under state law in the event of nonappropriation or default under such lease, including the ability of the equipment-lessor to reclaim possession of the leased equipment and sell, relet or otherwise dispose it; and

(9)

May set forth such other terms and provisions as the county and equipment-lessor shall deem appropriate.

(Code 1965, § 1-104; Ord. No. 90-2, § 4, 2-19-90)