HomeMy WebLinkAboutCC Res 5099 2003-01-27
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RESOLUTIONNO~
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 (the "City") is a municipal corporation organized and existing
under and pursuant to the Conshtution and laws of the State of California; and
WHEREAS, the City desires to proVide for financing m the approximate amount of$6l,2l2.09 for
the acquisition ofthree polIce motorcycles (the "Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost-cffective
lease purchase financing arrangement at a 4.25% interest rate;
NOW, THEREFORE, it is resolved by the City COl1Dcil of the City of Seal Beach as follows:
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 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 thc 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
hercby authorized and directed, jomtly 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. ReImbursement of Prior Exoenditures. The City declares its offiCial intent to be
reimbursed from the proceeds of the Lease approved hereby for a maximum pnncipal amount of
$61,212.09 of expenditures occumng no earlIcr than sixty days prior to the adoption of this Resolution.
All reimbursed expenditures will be capital expenditures as defined in Section 1.150-l(b) of the Federal
Income Tax Regulations.
SECTION 5. Effect. This Resoluhon shall take effcct immediately upon its passage.
AYES:
PASSED~~OVE
Beach thi ... day 0
DOPTED by the City Council ofthe City of Seal
003 by the following vote:
Council
NOES:
ABSENT:
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Mayor
Resolution
Number ~99
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
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I, Joanne M. Yea, City Clerk of the City of Seal Beach, CalifOrnia,~O by certify that
the foregoing Resolution is the original copy of Resolution N be on file in the
office of the City Clerk, passed, approved'~1fiPted by e Ci Cou ci of the City of
Seal Beach at a meetmg thereof held on th _ day of 2003.
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