HomeMy WebLinkAboutCC Res 5157 2003-08-11
RESOLUTION NUMBER 5i~1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH AUTHORIZING TIlE EXECUTION AND
DELIVERY OF A LEASE WITH OPTION TO PURCHASE,
AND AUTHORIZING' CERTAIN ACTIONS IN CONNECTION
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WHEREAS, the City of Sear:Bg~h; (the "City") is a municipal corporation organized and I
existing under and' pursuant to the Constitution and laws of the State of
California; and
WHEREAS, the City desires to provide for financing in the approximate amount of $54,5 16 for
the acquisition of a John Deere 310SG Backhoe for the Public Works
Department; and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost-effective
lease purehase financing arrangement at a 4.25% interest rate.
NOW, THEREFORE, it is resolved by the City Council of the City of Seal Beach as folIows:
SECTION 1. Lease with Option 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 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.
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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. 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
$61,212.09 of expenditures occurring no earlier than sixty days prior to the adoption of this
Resolution. AII reimbursed expenditures will be eapital expenditures as defined in Section 1.150-
I(b) of the Federal Income Tax Regulations.
SECTION 5. Effect. ThiS;Resolution shalI take effect immediately upon its passage.
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PASSED, APPROVEDI1N~JA; ~D by the Ci cil at t e 'ty of Seal Beach at a
meeting thereof held on. the \ ''9t~ _ day of 2003, by the following
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AYES:
NOES:
ABSTAIN:
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Mayor
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Resolution Number ~~~
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ATTEST:
Jo
. Yeo, City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
,I, Joanne M. Yeo, City Clerk of the City of Seal Beach, Califo~i:JherebY certify that the
foregoing resolution is the original copy of the Resolution Number on file in the office of
the City Clerk passed, approved and i/{ied by the City C~~ Seal Beach as a
regular meeting thereof on the . _ day of ,2003.
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