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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. --Ji - 0 9 - 9 8 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON AUTHORIZING EXECUTION AND DELIVERY <br />BY THE CITY OF A LEASE AGREEMENT, AND <br />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 <br />that it is in the best interest of the City to enter into a Lease Purchase Agreement (the "Lease <br />Agreement") relating to the acquisition of certain vacuum street sweepers (the "Equipment"); <br />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 AEL Leasing Co., Inc., as Lessor; and <br />WHEREAS, the Lease Agreement provides generally for (i) the lease and <br />purchase of the Equipment by the City from AEL Leasing Co., Inc.; and (ii) the payment by the <br />City to AEL Leasing Co., Inc; and <br />WHEREAS, in order to acquire the Equipment, it is necessary that the City enter <br />into 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 <br />the terms and conditions hereinafter set forth; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLTON AS <br />FOLLOWS: <br />Section 1. Approval of Lease Financing for Equipment. The lease financing <br />for the Equipment is hereby approved. The City Manager is hereby authorized and directed to <br />act on behalf of the City to establish and determine the final principal amount of the lease <br />financing, an amount which shall not exceed $276,886.00. <br />Section 2. Approval of Lease Agreement. The Lease Agreement is hereby <br />approved. The Mayor or the City Manager and the City Clerk are hereby authorized and <br />directed to execute, attest and deliver said Lease Agreement for, in the name of, and on behalf <br />of the City in the form hereby approved, with such changes as the City Manager and City <br />Attorney may approve, such approval to be conclusively evidenced by the execution and <br />delivery thereof. <br />Section 3. Other Acts. The Mayor, the other members of the City Council, the <br />City Clerk, and the City Manager are hereby authorized and directed, jointly and severally, to <br />do any and all things, and to execute and deliver any and all documents which may be deemed <br />RVPUB\JLR\38151 <br />