A. A lease/purchase financing agreement is a contract by which one party conveys property to another for a period of time in exchange for the payment of interest and a portion of principal on the purchase price of the property. Lease purchase agreement is authorized herein, subject to specific contract review by the City Attorney.
B. Purchases made with lease purchase financing are made using the same purchasing guidelines as other purchases, except that the use of lease/purchase financing will generally be limited to those situations in which it is in the city's best interest to secure third party financing.
(Res. 2008-011, passed 2-19-2008)