2006 RES R-41-06 - Laserfiche WebLink

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I RESOLUTION NO. R-41-06 2 3 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 4 COLTON, CALIFORNIA, APPROVING A TAX EXEMPT 5 LEASE AGREEMENT AND AUTHORIZING OTHER 6 ACTIONS RELATING TO THE CITY'S IMPROVEMENT OF 7 CERTAIN PROPERTY 8 9 WHEREAS, the City Council of the City of Colton (the "City") has determined that it is in 10 the best interest of the City to enter into a Lease Agreement (the "Lease Agreement") relating to 11 the lease purchase financing of certain real property improvements (the "Project"); and 12 WHEREAS, in order to accomplish the financing of the Project, it is necessary that the 13 City enter into the Lease Agreement and that certain other actions be authorized and taken; and 14 WHEREAS, the Lease Agreement provides financing for the Project to the City from 15 Municipal Financial Corporation; and (ii) the payment by the City to Municipal Financial 16 Corporation; and 17 WHEREAS, the City desires to authorize the financing of the Project upon the terms and 18 conditions hereafter set forth; 19 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF 20 COLTON, as follows: 21 Section 1. Approval of Lease Financing of Project. Subject to the provisions hereof, 22 the City Council hereby approves the lease financing of the Project in the principal amount of 23 $750,000, for a seven (7) year term, at an interest rate of 4.25%. 24 Section 2. Approval of Lease Agreement. The City Manager, City Attorney and City 25 Treasurer are directed and authorized to prepare lease agreement evidencing the terms of the 26 loan as described in Section 1 of this Resolution. The Mayor or the City Manager are hereby 27 authorized and directed to execute, attest and deliver said Lease Agreement for, in the name of, 28 and on behalf of the City. 29