§ 17-403. Purchase and lease of property.

The board of county commissioners is hereby authorized and empowered:

(1)

To acquire by lease-purchase, whenever it shall deem such lease-purchase beneficial, any project, upon such terms and for such lease payments as can be agreed upon between the board of county commissioners and a lessor;

(2)

To establish, organize and appoint members or directors of lessors for the purpose of acquiring, constructing and installing projects from contractors or vendors designated by the county, and to lease-purchase such projects pursuant to the terms and provisions of a lease or leases;

(3)

To sell or otherwise transfer title to prior use property to a lessor for such consideration as shall be deemed appropriate by the county and in accordance with applicable law, and to lease-purchase such prior use property from such lessor pursuant to the terms and provisions of a project or projects lease or leases;

(4)

To permit a lessor or its assigns to enter upon the property of the county for the purpose of taking and selling, reletting or otherwise disposing of the same in the event the county fails to appropriate sufficient available revenues to make the lease payments or otherwise defaults under the corresponding lease;

(5)

To enter one (1) or more ground leases with a lessor or lessors for property owned by the county which shall be part of a project or projects;

(6)

To enter into such arrangement as it deems appropriate with a lessor in order that lease revenue bonds issued by such lessor shall be deemed issued on behalf of the county pursuant to applicable rulings and regulations of the Internal Revenue Code of 1986, as amended, and the United States Treasury;

(7)

To enter into agreements with credit enhancers for obligations; and

(8)

To enter into a master lease with a lessor whereby various projects may be lease-purchased under one (1) lease over a period of time and the county shall agree to appropriate moneys for lease payments for either all of the projects or none of them.

(Ord. No. 90-28, § 3, 12-3-90)