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RESOLUTION NO. x_ 0 9- 9 8
<br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
<br />COLTON AUTHORIZING EXECUTION AND DELIVERY
<br />BY THE CITY OF A LEASE AGREEMENT, AND
<br />AUTHORIZING OTHER ACTIONS RELATING TO THE
<br />CITY'S ACQUISITION OF EQUIPMENT
<br />WHEREAS, the City Council of the City of Colton (the "City") has determined
<br />that it is in the best interest of the City to enter into a Lease Purchase Agreement (the "Lease
<br />Agreement") relating to the acquisition of certain vacuum street sweepers (the "Equipment");
<br />and
<br />WHEREAS, the. Lease Agreement, which is titled "Municipal Equipment Lease
<br />Purchase .Agreement" and which is presented to this Council at this meeting, is to be entered
<br />into by the City, as Lessee, and AEL Leasing Co., Inc., as Lessor; and
<br />WHEREAS, the _Lease Agreement provides generally for (i) the lease and
<br />purchase of the Equipment by the City from AEL Leasing Co., Inc.; and (ii) the payment by the
<br />City to AEL Leasing Co., Inc; and
<br />WHEREAS, in order to acquire the Equipment, it is necessary that the City enter
<br />into the Lease Agreement and that certain other actions be authorized and taken; and
<br />WHEREAS, the City desires to authorize the acquisition of the Equipment upon
<br />the terms and conditions hereinafter set forth;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLTON AS
<br />FOLLOWS:
<br />Section 1. Approval of Lease Financing for Equipment. The lease financing
<br />for the Equipment is hereby approved. The City Manager is hereby authorized and directed to
<br />act on behalf of the City to establish and determine the final principal amount of the lease
<br />financing, an amount which shall not exceed $276,886.00.
<br />Section 2. Approval of Lease Agreement. The Lease Agreement is hereby
<br />approved. `The Mayor or the City Manager and the City Clerk are hereby authorized and
<br />directed to execute, attest and deliver said Lease Agreement for, in the name of, and on behalf
<br />of the City in the form hereby approved, with such changes as the City Manager and City
<br />Attorney may approve, such approval to be conclusively evidenced by the execution and
<br />delivery thereof.
<br />Section 3. Other Acts. The Mayor, the other members of the City Council, the
<br />City Clerk:, and the City Manager are hereby authorized and directed, jointly and severally, to
<br />do any and all things, and to execute and deliver any and all documents which may be deemed
<br />RVPUH\JLR\38151
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<br />RESOLUTION NO. x_ 0 9- 9 8
<br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
<br />COLTON AUTHORIZING EXECUTION AND DELIVERY
<br />BY THE CITY OF A LEASE AGREEMENT, AND
<br />AUTHORIZING OTHER ACTIONS RELATING TO THE
<br />CITY'S ACQUISITION OF EQUIPMENT
<br />WHEREAS, the City Council of the City of Colton (the "City") has determined
<br />that it is in the best interest of the City to enter into a Lease Purchase Agreement (the "Lease
<br />Agreement") relating to the acquisition of certain vacuum street sweepers (the "Equipment");
<br />and
<br />WHEREAS, the. Lease Agreement, which is titled "Municipal Equipment Lease
<br />Purchase .Agreement" and which is presented to this Council at this meeting, is to be entered
<br />into by the City, as Lessee, and AEL Leasing Co., Inc., as Lessor; and
<br />WHEREAS, the _Lease Agreement provides generally for (i) the lease and
<br />purchase of the Equipment by the City from AEL Leasing Co., Inc.; and (ii) the payment by the
<br />City to AEL Leasing Co., Inc; and
<br />WHEREAS, in order to acquire the Equipment, it is necessary that the City enter
<br />into the Lease Agreement and that certain other actions be authorized and taken; and
<br />WHEREAS, the City desires to authorize the acquisition of the Equipment upon
<br />the terms and conditions hereinafter set forth;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLTON AS
<br />FOLLOWS:
<br />Section 1. Approval of Lease Financing for Equipment. The lease financing
<br />for the Equipment is hereby approved. The City Manager is hereby authorized and directed to
<br />act on behalf of the City to establish and determine the final principal amount of the lease
<br />financing, an amount which shall not exceed $276,886.00.
<br />Section 2. Approval of Lease Agreement. The Lease Agreement is hereby
<br />approved. `The Mayor or the City Manager and the City Clerk are hereby authorized and
<br />directed to execute, attest and deliver said Lease Agreement for, in the name of, and on behalf
<br />of the City in the form hereby approved, with such changes as the City Manager and City
<br />Attorney may approve, such approval to be conclusively evidenced by the execution and
<br />delivery thereof.
<br />Section 3. Other Acts. The Mayor, the other members of the City Council, the
<br />City Clerk:, and the City Manager are hereby authorized and directed, jointly and severally, to
<br />do any and all things, and to execute and deliver any and all documents which may be deemed
<br />RVPUH\JLR\38151
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<br />RESOLUTION NO. x_ 0 9- 9 8
<br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
<br />COLTON AUTHORIZING EXECUTION AND DELIVERY
<br />BY THE CITY OF A LEASE AGREEMENT, AND
<br />AUTHORIZING OTHER ACTIONS RELATING TO THE
<br />CITY'S ACQUISITION OF EQUIPMENT
<br />WHEREAS, the City Council of the City of Colton (the "City") has determined
<br />that it is in the best interest of the City to enter into a Lease Purchase Agreement (the "Lease
<br />Agreement") relating to the acquisition of certain vacuum street sweepers (the "Equipment");
<br />and
<br />WHEREAS, the. Lease Agreement, which is titled "Municipal Equipment Lease
<br />Purchase .Agreement" and which is presented to this Council at this meeting, is to be entered
<br />into by the City, as Lessee, and AEL Leasing Co., Inc., as Lessor; and
<br />WHEREAS, the _Lease Agreement provides generally for (i) the lease and
<br />purchase of the Equipment by the City from AEL Leasing Co., Inc.; and (ii) the payment by the
<br />City to AEL Leasing Co., Inc; and
<br />WHEREAS, in order to acquire the Equipment, it is necessary that the City enter
<br />into the Lease Agreement and that certain other actions be authorized and taken; and
<br />WHEREAS, the City desires to authorize the acquisition of the Equipment upon
<br />the terms and conditions hereinafter set forth;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLTON AS
<br />FOLLOWS:
<br />Section 1. Approval of Lease Financing for Equipment. The lease financing
<br />for the Equipment is hereby approved. The City Manager is hereby authorized and directed to
<br />act on behalf of the City to establish and determine the final principal amount of the lease
<br />financing, an amount which shall not exceed $276,886.00.
<br />Section 2. Approval of Lease Agreement. The Lease Agreement is hereby
<br />approved. `The Mayor or the City Manager and the City Clerk are hereby authorized and
<br />directed to execute, attest and deliver said Lease Agreement for, in the name of, and on behalf
<br />of the City in the form hereby approved, with such changes as the City Manager and City
<br />Attorney may approve, such approval to be conclusively evidenced by the execution and
<br />delivery thereof.
<br />Section 3. Other Acts. The Mayor, the other members of the City Council, the
<br />City Clerk:, and the City Manager are hereby authorized and directed, jointly and severally, to
<br />do any and all things, and to execute and deliver any and all documents which may be deemed
<br />RVPUH\JLR\38151
<br />
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