Loading...
HomeMy WebLinkAboutCC Res 4886 2001-04-23 RESOLUTION NUMBER ~t?~ RESOLUTION APPROVING CERTAIN ENERGY CONSERVATION MEASURES AUTHORIZING THE EXECUTION OF AGREEMENTS, SIGNATORIES AND MAKING OTHER DETERMINATIONS IN CONNECTION THEREWITH I WHEREAS, the City of Seal Beach, County of Orange, State of California (the "city") is duly authorized and existing under the laws of said State; and WHEREAS, the Council of the City is authorized pursuant to Secttons 4217.l0 through 4217.l8 of the California Government Code (the "Act") to enter into energy conservation contracts pursuant to which the City may acquire and finance equipment and services to reduee energy use or to make for a more' efficient use of energy; and WHEREAS, pursuant to the Act, the City proposes to enter into an agreement with Cal-Air, Inc. ("the Cal-Air Contract") for the acquisition and installation of a lighting upgrade, mechanical retrofit and energy management project having an approximate cost of $896,502 (the "project"); and WHEREAS, Municipal Finance Corporation (the "Corporation") has offered to enter into a Lease With pption to Purchase (the "Lease") with the City in order to provide financing for the project at a 5.30% annual percentage rate; I NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Seal Beach as follows: Section 1. The Council hereby finds, determines and declares as foll9WS: (a) The antic;:ipated cost to the City for "Conservation Services" as defined in Section 4217.11(c) of the Act and as provided for by the Cal-Air Contract, the Lease and the Project will be less than the anticipated marginal cost to the City of energy that would have been consumed by the City in the absence of the project. (b) To the extent that the Cal-Air Contract and/or the Lease grant easements, rights-of-way, licenses, rights of access, or other rights in the real property of the City upon which the Project will be constructed and installed, the difference, if any, between the fair rental value of such rights and the portion of the rent under the Lease attributable to such rights, is anticipated to be offset by benefits provided to the City under the Cal-Air Contract and the Lease. I Resolution Number~ (c) Funds for the payment of amounts due under the Lease are projected to be available from funding that otherwise would have been used for the purchase of energy required by the City in the absence of the project. I Section 2. The,Mayor is hereby authorized in the name and on behalf of the City to enter into binding agreements with the Corporation for leasing the Project upon such terms that are in the best interest of the City, and to execute, as agent for the City, all necessary agreements including, but not limited to, the Lease, acknowledgment of assignment and acceptance certificate. The City Manager is authorized to accept or direct delivery of the project. The authority given hereunder shall be deemed retroactive and any and all acts authorized hereunder performed prior to the passage of this resolution are hereby ratified and affirmed. Section 3. This approved lease financing be designated as a "qualified tax exempt obligation" 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. I PASSED, APPROVED AND ADOPTED by the City Council of the ~tY,of Seal B~ a~ p regular meeting thereof held on the ~ay of (~/~~ , 2001 by the following vote: AYES: Councilmembe {/J- NOES: ABSENT: Councilmembers ~J~ Mayor ~ ATTEST :\ I ! I STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH SS I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California, do hereby certify that the ~9F~~~ng Resolution is the original copy of Resolution Number ~~~on file in the office of the City Clerk, assed, approved, and adopted by the City C~d of the City f Se~l Beach at a meeting thereof held on the day of , 2001. Resolution NUmber~ and I, Joanne M. Yeo, do hereby ,further certify that the office(s) referred to in the foregoing Resolution is/are presently held by the following: Mavor NAME OF OFFICER SIGNATURE OF OFFICER Patricia E. camPbell~a::lil.u~)~ eJah' ",jJlj , / ~V~-.. I TITLE OF OFFICER anne M. Yeo, City Clerk City of Seal Beach I ---~ . -'" ,- I' '. .....,r::'"-:.o';' .. -/ ....- I , . " ..