1999 AGN MAR 16 I13 - Laserfiche WebLink

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1. 9 10 11 12 13 14 15 16 17 18 19 20 21 23 24 25 Oil RESOLUTION No. R-26-99 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AUTHORIZING EXECUTION AND DELIVERY BY THE CITY OF A LEASE AGREEMENT, AND AUTHORIZING OTHER ACTIONS RELATING TO THE CITY'S ACQUISITION OF EQUIPMENT WHEREAS, the City Council of the City of Colton (the "City") has determined that it is in the I best interest of the City to enter into a Lease Agreement (the "Lease Agreement") relating to the acquisition of a four-wheel drive loader (the "Equipment"); and WHEREAS, the Lease Agreement, which is titled "Municipal Government Lease Purchase Agreement" and which is presented to this Council at this meeting, is to be entered into by the City, as Lessee, and Deere Credit, Inc., as Lessor; and WHEREAS, the Lease Agreement provides generally for (i) the lease purchase of the Equipment by the City from Deere Credit, Inc.; and (ii) the payment by the City to Deere Credit, Inc.; and WHEREAS, in order to acquire the Equipment, it is necessary that the City enter into the Lease Agreement and that certain other actions be authorized and taken; and WHEREAS, the City desires to authorize the acquisition of the Equipment upon the terms and conditions hereinafter set forth; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON, as follows: Section 1. Approval of Lease Financing for Equipment. The lease financing for the Equipment is hereby approved. The City Manager is hereby authorized and directed to act on behalf of the City to establish and determine the final principal amount of the lease financing, an amount which shall not exceed $114,559.80. Section 2. Approval of Lease Agreement. The Lease Agreement is hereby approved. The Mayor or the City Manager and the City Clerk are hereby authorized and directed to execute, attest and deliver said Lease Agreement for, in the name of, and on behalf of the City in the form hereby approved, with such changes as the City Manager and City Attorney may approve, such approval to be conclusively evidenced by the execution and delivery thereof.