Laserfiche WebLink
LAW OFFICES OF <br />BEST BEST & KRIEGER LLP <br />City Council <br />City of Colton <br />American Equipment Leasing <br />James R. Micus <br />February 4, 1998 <br />Page 2 <br />DRAFT <br />(ii) the City has duly authorized, executed and delivered the Lease Agreement <br />to the Corporation, and assuming due authorization, execution and delivery thereof by the <br />Corporation, the Lease Agreement constitutes the legal, valid and binding agreement of the City <br />enforceable in accordance with its terms, except as such enforceability may be limited by <br />bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of <br />creditors' rights in general and except as such enforceability may be limited by the application of <br />equitable principles if equitable remedies are sought; and <br />(iii) to the best of our knowledge, the authorization, approval and execution of <br />the Lease Agreement and all other proceedings of the City relating thereto have been performed <br />in accordance with all applicable laws, rules and regulations of the State of California. <br />Va express no opinion as to the tax-exempt status for federal or State of California <br />income tax purposes of the interest component of rental payments payable by the City under the <br />Lease Agreement. Furthermore, no opinion is expressed herein with respect to the compliance <br />with, or applicability, of any State or federal securities laws or any blue sky laws of any state <br />as they relate to the Lease Agreement or sale of participating interests in the right to receive lease <br />payments. <br />This opinion is solely for your benefit and may not be relied on by any other person`' <br />without our prior written consent. <br />Respectfully submitted, <br />DRAFT <br />John E. Brown <br />of Best, Best & Krieger <br />Interim City Attorney <br />DRDlJEBlwp City of Colton <br />RVPUB\DRD\38335 <br />