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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 />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-68-05 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />AUTHORIZING EXECUTION AND DELIVERY BY THE CITY OF A LEASE <br />AGREEMENT, AND 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 that it is <br />in the best interest of the City to enter into a Lease Agreement (the "Lease Agreement") <br />relating to the acquisition of severe use, wildland Type I triple combination fire engine and <br />necessary equipment to outfit the fire engine (the "Equipment"); and <br />WHEREAS, the City of Colton (the "City") acquired a triple combination Fire Engine <br />on May 10, 2005, and acquired equipment for the Fire Engine at an approximate cost of <br />$375,000.00 (the "City Expenditure"); 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 Municipal Services Group, Inc., as Lessor; and <br />WHEREAS, the Lease Agreement provides generally for (i) the lease purchase of the <br />Equipment by the City from Municipal Services Group, Inc.; and (ii) the payment by the City <br />to Municipal Services Group, Inc.; and <br />WHEREAS, in order to acquire the Equipment, it is necessary that the City enter into <br />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 the <br />terms and conditions hereinafter set forth; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />COLTON, as follows: <br />Section 1. Approval of Lease Financing for Equipment. The lease financing for the <br />Equipment is hereby approved. The City Manager is hereby authorized and directed to act <br />on behalf of the City to establish and determine the final principal amount of the lease <br />financing, an amount which shall not exceed $375,000.00. <br />