2001 RES R-126-01 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 deliver said Site Lease for and in the name and on behalf of the City in the form hereby approved, with such changes as the City Manager may approve, after consultation with the Cit Attorney, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. Lease Agreement. The form of agreement entitled "Lease Agreement' (Real Property and Equipment) presented to this meeting and to be entered into by an between the City, as lessee, and an entity to be determined as set forth in Section 4 hereof, a lessor (the "Lessor"), which provides generally for (i) the financing of the Project, (ii) the leas and purchase of the Project by the City from the Lessor, and (iii) the payment by the City to the Lessor of lease payments from any source of legally available moneys of the City, is hereby approved, and any of the mayor, the Mayor Pro Tem or the City Manager are hereby authorize and directed to execute and deliver said Lease.Agreement for and in the name and on behalf o the City in the form hereby approved, with such changes as the City Manager may approve, after consultation with the City Attorney, such approval to be conclusively evidenced by the execution and delivery thereof. Section 4. Lessor. The. City hereby authorized the City's financial advisor Wedbush Morgan Securities (the "Financial Advisor"), to recommend an entity to provide lease purchase, financing for the Project (the "Lessor"), and to act as lessee under the Site Lease and as lessor under the Lease Agreement. The City Manager, in consultation with the Financial Advisor, i authorized to select the Lessor; provided that the interest rate or gates offered by the Lessor for the lease payments under the Lease Agreement and the other terms of the Lease Agreement are determined to be the most favorable for the City, and provided further that the interest rat on any of the lease payments, in any event, shall not exceed six percent per annum. Section 5. Certificates as Qualified Tax -Exempt Obligations. The City intends that its lease payment obligation pursuant to the Lease Agreement will qualify as "qualified tax- exempt obligations" within the meaning of Section 265(b)(3)(B) of the Internal Revenue Code o 1986, as amended (the "Code"). The City represents, covenants and warrants that it and it subordinate entities have not and will not issue tax-exempt obligations jincluding its leas payment obligation pursuant to the Lease Agreement) in the aggregate -principal amount o more that $10,000,000 during the 2001 calendar year. Section 6. Requisitions. Any of the mayor, Mayor Pro Tem or City Manager are hereby authorized and directed to execute one or more requisitions authorizing. the payment o the costs of the lease financing from the proceeds of the lease pursuant to the Leas Agreement and to execute and deliver Lease Supplements pursuant to the Lease Agreement.