1988 RES R-116-88 - Laserfiche WebLink

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2 3 n 5 6 7 8 t 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, the Certificates are being sold by the City at competitive bid, with sealed bids having been received by the City on the date hereof; and WHEREAS, the corporation yard, related improvements and equipment being acquired, constructed and installed with the proceeds of the Certificates (the "Project") will be of benefit to several enterprise operations of the City in that such opera- tions will make use of the Project on a regular basis, such enterprises being represented by the following special enter- prise funds maintained on the accounting books of the City: the Water and Sewer Funds, the Sanitation Fund, the Electric Fund and the Refuse Fund (collectively sometimes referred to herein as the "Special Funds"); and WHEREAS, since the Special Funds will be benefited by the Project, it is in the best interests of the City that the Special Funds be obligated to pay a proportionate share of the lease payments (the "Lease Payments") coming due from time to time under the Lease Agreement described herein; said proportionate share for a particular Special Fund to be based upon that percentage of the Project that is found by this City Council to be of benefit to each applicable Special Fund; and WHEREAS, in connection with the foregoing, the City will covenant in the Lease Agreement that, so long as the Project is available for use by the City, it will take such action as may be necessary to include Lease Payments in its annual budgets, and to make appropriations from amounts on hand and available in the Special Funds of the City for the purpose of making a portion of said Lease Payments; and -2-