HomeMy WebLinkAboutCC Res 5319 2005-04-11
RESOLUTION NUMBER '5? 19
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AUTHORIZING THE EXECUTION AND DELIVERY OF
A LEASE...--WITH OPTION TO PURCHASE, AND
AUTH0~ZIN<vaERTAIN ACTIONS IN CONNECTION
THEREWITH' (,;"\
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WHEREAS, the City of Se;il Beach ~the "City") is a municipal corporation duly organized
ahd existing under and :pursuant to the Constitution and laws of the State of
C~ifornia; and' /t
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WHEREAS, the eity..;.~~iles"to provide for financing in the approximate amount of
$58,000,00 for the acquisition of a beach rake (the "Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost-
effective lease purchase financing arrangement at a 4.75% interest rate;
NOW, THEREFORE, it is resolved by the City Council of the City of Seal Beach as folIows:
SECTION J. Lease with Ootion 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.
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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. Oualified Tax-ExemDt 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.
SECTION 5. Reimbursement of Prior EXDenditures. The City declares its official intent to be
reimbursed from the proceeds of the Lease approved hereby for a maximum principal
amount of $58,000.00 of expenditures occurring no earlier than sixty days prior to the
adoption of this Resolution. All reimbursed expenditures will be capital expenditures as
defined in Section 1.I50-1(b) of the Federal Income Tax Regulations.
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SECTION 6. Effect. This Resolution shall take effect immediately upon its passage.
PASSED, APPROVED AND ADOPTED by th~unCil of the City of Seal Beach at a
meeting thereof held on the J 1 '1'11 day of .2005 by the following vote:
AYES:
councilmember(hTM/ ~tUa/)n, Jpd:!, ~, ~
CounciJmembers ?'J J)n;
Councilmembers ~
NOES:
ABSENT:
Resolution Number 'S 31'1
t:
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify that the
foregoing resolution is an original copy of Resolution Number 5"31 Cj on file in the
Office of the City Clerk, passed, approved and adopted by the ?!t CO'!Ilcil of the City of
Seal Beach at a meeting thereof held on the I J 'f1\ day of ~ ' 2005,
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