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This ordinance authorizes the City of Sumter to execute a lease-purchase agreement for financing vehicles and equipment totaling $2,165,000, ensuring compliance and effective procurement.
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What is ordinance for lease-purchase agreement?
An ordinance for a lease-purchase agreement is a formal legislative measure that authorizes a government entity to enter into a lease-purchase contract, allowing the entity to lease property with an option to buy it at a later date.
Who is required to file ordinance for lease-purchase agreement?
Typically, the governing body of a municipality or local government, such as a city council or school board, is required to file the ordinance for a lease-purchase agreement.
How to fill out ordinance for lease-purchase agreement?
To fill out the ordinance for a lease-purchase agreement, you generally need to provide details such as the description of the property, the terms of the lease, purchase price, payment schedule, and any relevant provisions regarding obligations and rights of both parties.
What is the purpose of ordinance for lease-purchase agreement?
The purpose of the ordinance for a lease-purchase agreement is to legally authorize the acquisition of property while allowing for manageable payments over time, which can help budget-constrained entities acquire necessary assets.
What information must be reported on ordinance for lease-purchase agreement?
The ordinance must include basic information such as the names of parties involved, property details, financial terms (including lease and purchase payments), duration of the lease, and any conditions or contingencies.
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