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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25I <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-95-96 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON, RELATING TO A LEASE AGREEMENT <br />WITH OPTION TO PURCHASE <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON (The <br />Issuer), as follows: <br />Section 1. Recitals and Authorization. The Issuer, as lessee, has heretofore entered into a Lease with <br />Option to Purchase Agreement dated September 3, 1996, with MPA Leasing Corporation, as lessor. It is <br />hereby determined that it is necessary and desirable and in the best interest of the Issuer to enter into the Lease <br />for the purposes therein specified, and the execution and delivery of the Lease are here y approved, ratified and <br />confirmed. <br />Section 2. Designation as Qualified Tax -Exempt Obligation Pursuant to the Internal Revenue Code <br />Iof 1986, as amended (the Code), the Issuer hereby specifically designates the Lease as a "qualified tax-exempt <br />obligation" for purposes of Section 265 of the Code. The Issuer hereby represents that the Issuer (and any <br />Isubordinate entities to or entities acting on behalf of the Issuer) will not designate more than $10,000,000 of <br />obligations issued by the Issuer in the calendar year during which the Lease is executed and delivered as such <br />"qualified tax-exempt obligations". <br />Section 3. Issuance Limitation. In compliance with the requirements of Section 265(b)(3)(C) of the <br />I Code, the Issuer hereby represents that the Issuer (including all "subordinate entities" of the Issuer within the <br />meaning of Section 265(b)(3)(E) of the Code) reasonably anticipates not to issue in the calendar year during <br />which the Lease is executed and delivered, obligations bearing interest exempt from federal income taxation <br />under Section 103 of the Code (other than "private activity bonds' as defined in Section 141 of the Code) in an <br />amount greater than $10,000,000. <br />PASSED, APPROVED AND ADOPTED this 3rd day of September, 1996. <br />I ATTEST: <br />eresa S. Delgado, Inter ity Clerk <br />orge V.Fulp, ayor <br />