HomeMy WebLinkAboutCC Res 5146 2003-07-28
RESOLUTION NUMBER ~# &,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH AUTHORIZING THE EXECUTION AND DELIVERY OF
A LEASE WITH OPTION TO PURCHASE, AND AUTHORIZING
CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, thc City of Seal Beach (the "City") is a municipal corporation organized and
existing undcr and pursuant to the Conslttution and laws of the State of
Califof!1ia; and
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WHEREAS, the City desires to provide for financing in the approximate amount of
$57,801.60 for the acquisition of a used JOM Deere 7810 beach tractor (the
"Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost-
effective lease purchase financing arrangement at a 4.25% interest rate;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES
HEREBY RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. Lease with Option to Purchase. The Mayor, City Manager or a
designee IS hereby authot1zed to enter into a Lease with Option to Purchase (the "Lease")
with the Corporation to finance the Property, subject to approval as to fonn by the City
Attorney.
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 bc required or appropriate in connection
with the execulton and delivery of the Lease.
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SECTION 3. Other Acltons. 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 dehver 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 Resolulton and the Lease. Such actions are hereby ratified,
con finned and approved.
SECTION 4. Reimbursement of Prior Expenditures. The City declares its official
mtent to be reimbursed from the proceeds of the Lease approved hcreby for a maximum
principal amount of $61 ,212.09 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-I(b) of the Federal Income Tax Regulaltons.
SECTION 5. Effect. This Resolulton shall take effect Immediately upon its
passage.
AYES:
Gidl
PASSED, APPROVED AND ADOPTED JlY the City Co nciJ
at a meeting thereof held on the r12B f::!' day of
following vote:
Councilmemb
NOES:
ABSTAIN:
Resolution Number ~/~
ATTEST:
c~lJJU.
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Joanne M Yeo, City Clerk of the City of Seal Beach, California, do her by' certify that
the foregoing resoluhon IS the original copy of the Resolution Numbe on file in
the office of the City Clerk passed, approved and adopted b11he City Counci of the City
ofS each as a regular meeting thereof on the .2B _ day of July, 2003
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