2006 RES R-120-06 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-120-06 AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE WITH OPTION TO PURCHASE, AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Colton (the "City") is a municipal corporation organized and existing under and pursuant to the Constitution and laws of the State of California; and WHEREAS, the City desires to provide for financing in the approximate amount of $600,000.00 for the acquisition of a ladder fire truck (the "Property"); and WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost- effective lease purchase financing arrangement at a 4.55% interest rate; NOW, THEREFORE, it is resolved by the City Council of the City of Colton as follows: SECTION 1. Lease with Option to Purchase. The Mayor, City Manager or a designee is hereby authorized to enter into a Lease with Option to Purchase (the "Lease") with the Corporation to finance the Property, subject to approval as to form by the City Attorney. SECTION 2. Attestations. The Clerk or other appropriate City officer are hereby authorized and directed to attest the signature of the Mayor, or City Manager or of such other person or persons as may have been designated by the Mayor or City Manager, and to affix and attest the seal of the City, as may be required or appropriate in connection with the execution and delivery of the Lease. SECTION 3. Other Actions. The Mayor, City Manager and other officers of the City are each hereby authorized and directed, jointly and severally, to take any and all actions and to execute and deliver any and all agreements, documents and certificates which they may deem necessary or advisable in order to carry out, give effect to and comply with the terms of this Resolution and the Lease. Such actions are hereby ratified, confirmed and approved. SECTION 4. Qualified Tax -Exempt Obligations. The Lease is hereby designated as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"). The City, together with all subordinate entities of the City, do not reasonably expect to issue during the calendar year in which the Lease is issued more than $10,000,000 of obligations which it could designate as "qualified tax-exempt obligations" under Section 265(b) of the Code.