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1 <br />RESOLUTION NO. R-02-10 <br />2 <br />3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />AUTHORIZING THE EXECUTION AND DELIVERY OF LEASE <br />4 SCHEDULE 129923000 OF THE MASTER EQUIPMENT LEASE- <br />PURCHASE AGREEMENT WITH PNCEF, LLC FOR THE <br />5 ACQUISITION, PURCHASE, FINANCING AND LEASING OF <br />6 CERTAIN EQUIPMENT <br />7 WHEREAS, the City of Colton, a municipal corporation of the State of California, is <br />8 authorized by the laws of the State of California to purchase, acquire and lease certain <br />9 <br />equipment and other property for the benefit of the City and its inhabitants and to enter into <br />10 <br />11 contracts with respect thereto, and <br />12 WHEREAS, the City has previously entered into a certain Master Lease Agreement <br />13 (the "Master Lease") with PNCEF, LLC, dba PNC Equipment Finance (the "Lessor"), as <br />14 lessor dated December 4, 2009, for the acquisition, purchase and financing of certain property <br />15 <br />consisting of Digger Derrick Electric Line Trucks, and <br />16 <br />17 WHEREAS, the City Council has determined that a true and very real need exists for <br />18 the acquisition, purchase and financing of certain property consisting of Aerial Device Trucks <br />19 (collectively, the "Equipment"), and; <br />20 WHEREAS, in order to acquire such Equipment, the City intends to add Schedule <br />21 <br />12992300 to the Master Lease (the "Schedule"), substantially in the form attached hereto as <br />22 <br />23 Exhibit "A", and <br />24 WHEREAS, the City Council deems it for the benefit of the City and the efficient and <br />25 effective administration thereof to add Lease Schedule 129923000 to the Master Lease for the <br />26 purchase, acquisition, financing and leasing of the Equipment on the terms and conditions <br />27 <br />provided therein; <br />28 <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />