HomeMy WebLinkAboutCC Res 4779 2000-01-10
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RESOLUTION NUMBER -1-111
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH AUTHORIZING LEASE AGREEMENT,
SIGNA TORIES AND NOTICE OF INTENT TO BE
REIMBURSED
WHEREAS, the City of Seal Beach, County of Orange, State of California ("City") is duly
authorized and existing under the laws of said State; and
WHEREAS, the City has entered or will enter into agreements for the acquisition of one (I)
4600 4WD hydrostatic tractor including appurtenant equipment ("Property") all in
accordance with the applicable law; and
WHEREAS, the governing body has determined it is in the best interests of the City and the
citizens it serves to secure lease-purchase financing to provide moneys in the
approximate amount of$25,678, 10 necessary to pay for the Property; and
WHEREAS, Municipal Finance Corporation ("Corporation") has offered the City a cost
effective lease-financing arrangement requiring periodic rental payments including
principal plus interest computed at a 6 25% annual percentage rate; and
NOW, THEREFORE, BE IT RESOLVED that the City Manager acting alone be hereby
authorized in the name and on behalf of City to enter into binding agreements with the
Corporation for leasing the Property upon such terms as may seem advisable to said officer, and
tu executc, as agent for the City, all necessary agreements including, but nut limited to, a
lease/optiun agreement, acknowledgment of assignmcnt and acccptance certificate. This officer is
also authorizcd to acccpt or direct delivery of the Property. The authority given hereunder shall be
dccmed retroactivc and any and all acts authorized hereunder performed prior to the passage of
this resolution are hereby ratified and affirmed.
BE IT FURTHER RESOLVED that the City of Seal Beach declares its official intent to be
reimbursed from the proceeds of the lease/option agreement approved hereby for a maximum
principal amount of $25,678 10 of expenditures occurring no earlier than sixty days prior to the
adoption of this resolution All rcimbursed expenditures will be capital expenditures as defined in
Section 1,150-I(b) of the Federal Income Tax Regulations.
BE IT FURTHER RESOLVED that this approved lease financing be designated as a qualified tax
exempt ubligation for the calendar year in which the lease is issued pursuant to Section 265(b) of
the Internal Revenue Code of 1986 (as amended) and the authorized officers be directed to
exccute the "Designation of Qualification" document.
AYES.
PASSED",APPROV D
/11 - day of
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ADOPTED b~ City Council of the City of Seal Beach on
, 2000 by the following vote'
NOES,
Councilmembers
ABSENT:
Council members
;t
ATTEST:
Resolution Number~
STATE OF CALIFORNIA)
COUNTI' OF ORANGE) SS
CITY OF SEAL BEACH )
I. Joanne M, Yeo. City Clerk of Seal Beach. Califomia. do hereby eertif}' that the foregoing resolution IS
thc ongmal copy of ResolutiOl umber #71~ on tile in the ofiiee of the City Clerk. passed, approvcd.
and adhtc9,bY thc City OUlI I of the City of Seal !.leach, at a regular meeting thereof held on the
~~ day of . 000.
.
And hereby
following'
tat the officer referred to m the foregoing resolution is now held by the
TITLE OF OFFICER
NAME OF OFFICER
SIG~U~~
I I~
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Keith Till
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Resolution Number 4119
iNCUMBENCY CERTiFiCATE
City of Seal B~ach
i do hereby cerllfy that I am the duly appointed and actmg City Clerk of the City of Seal Beach. a pohtical
subdivisIOn vahdly eXisting under the Constitution and laws of the State of Cabfom;a (the "Clt}"), and that,
as of the date hereof, the IlIdlvidualnamed below is the duly appolllted officer of the City holdmg the office
set forlh opposite Ius respective name, f liu1her certify that (i) the signature set forlh OppoSIte Ius
respectIve name and title IS true aud authentic and (ii) such ollicer has the authonty on behalf of the Clt}
pursuant 10 Resolution No passed. approved and adopted on January 10, 2000 to enter IlIto
that certain Lease with Option to Purchase, between the City aud Municipal Fmance Corporation, and all
documents I elatlllg thel eto
TtTLE OF OFFICER
C,lv Mana!!er
Dale
NAME OF OFFICER
SIG/Z;~O:D
K~lthTill
Clerk
,
IN WITN ESS WHEREOF, I have duly executcd tIllS c~rtificate and afti"ed the seal of the City heleto tlus
10'" day of January, 2000,
CIty Clel k
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