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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-102-97 <br />RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON, CALIFORNIA, RELATING TO <br />A LEASE AGREEMENT WITH OPTION TO PURCHASE <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON (The Insurer), as <br />follows: <br />Section 1. Recitals and Authorization. The Issuer, as lessee, has heretofore entered into a <br />Lease with Option to Purchase Agreement dated October 7, 1997, with Municipal Services Group, <br />Inc., as lessor. It is hereby determined that it is necessary and desirable and in the best interest of <br />the Issuer to enter into the Lease for the purposes therein specified, and the execution and delivery of <br />the Lease are hereby approved, ratified and confirmed. <br />Section 2. Designation as Qualified Tax -Exempt Obligation. Pursuant to the Internal <br />Revenue Code of 1986, as amended (the Code), the Issuer hereby specifically designates the Lease <br />as a "qualified tax-exempt obligation" for purposes of Section 265 of the Code. The Issuer hereby <br />represents that the Issuer (and any subordinate entities to or entities acting on behalf of the Issuer) <br />will not designate more that $10,000,000 of obligations issued by the Issuer in the calendar year <br />during which the Lease is executed and delivered as such "qualified tax-exempt obligations". <br />Section 3. Issuance Limitation. In compliance with the requirements of Section 265(b)(3)(C) <br />of the Code, the Issuer hereby represents that the Issuer (including all "subordinate entities" of the <br />Issuer within the meaning of Section 265(b)(3)(E) of the Code) reasonably anticipated not to issue in <br />the calendar year during which the Lease is executed and delivered, obligations bearing interest <br />exempt from federal income taxation under Section 103 of the Code (other than "private activity <br />bonds" as defined in Section 141 of the Code) in an amount greater than $10,000,000. <br />PASSED, APPROVED and ADOPTED this 7th day of October 1997. <br />zezv/ - <br />KA GAYTAN <br />Mayor <br />ATTEST: <br />CAROLINA P. BARRERA <br />City Clerk <br />