HomeMy WebLinkAboutCC Res 5220 2004-03-22
RESOLUTION NUMBER5..2..Z0
AUTHORIZING THE EXECUTION AND DELIVERY OF A LEASE WITH
OPTION TO PURCHASE, AND AUTHORIZING, CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the City of Seal Beach (thc "City") is a municipal corporation duly organized and
existing under and pursuant to the Constitution and laws of the State of Califomia;
and
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WHEREAS, the City desires to provide for financing in the approximate amount of$23,000.00 for
the acquisition of a Ford pickup huck (the "Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost-effective
lease purchase financing arrangement at a 4.50% interest rate;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY
RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
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Section I. 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 thc Property, subject to approval as to f011n by the City
Attorney.
Section 2. Attestations. TIle Clerk or other appropriate City officer are hereby authorizcd 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 rcquired or appropriate in connection with
the execution wld delivcry of the Lease.
Section 3. Other Actions. The Mayor, City MWlRger and other officers of the City are each
hereby authorized and directed, jointly and sevcraIly, to take any and all actions and
to execute and deliver any and all agreements, documents and certificates which they I
may deem nccessary 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-Exemot Obligations. The Lease is hercby dcsignated as "qualified tax-
exempt obligations" within the meaning of Section 265(b)(3) of the Intemal Revenue
Code of 1986, as amended (the "Code"). The City, together with all subordinate
entities of thc 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" wlder Section 265(b) of the Code.
Section 5. Reimbursement of Prior Exoenditures. The City declares its official intent to be
reimbursed from the proceeds of the Lease approved hereby for a maximum principal
amount of $23,000.00 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 S~ction 1.150-1 (b) of the Fcderal Income Tax Regulations.
Section 6. Effect. This Resolution shall take effect immediately upon its passage.
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PASSED, APPROVED'AND1~~~B'f~~ by the City Council of~!ty ofSel.Li Beach at a meeting
thercof held on the. :.2~~ day of ~II b ' 2004 by the
following vote: .:. ~f/' I ;:,.:,
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AYES: Cou ciImClb.g~ I
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NOES: Councilmem er
ABSENT:
CounciImembcr
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Resolution Number ~~
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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I, Joanne M. Yeo, City Clerk of thc City of Scal Beach, California, do hcr~by certify that the
foregoing rcsolution is an original copy of Resolution Number.5:2.:lI~ on file in the Office of the
City Clerk, passed, approved and adopted by th~ Council ofthc City of Seal Beach at a mecting
thereof held on the ~ .J, day of (4..1> A~ 2004.
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