HomeMy WebLinkAboutResolution 39-91 RESOLUTION NO. 39-91
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ATASCADERO, APPROVING
A LEASE/PURCHASE AGREEMENT
WITH VALLEY BANK LEASING.
RESOLVED, that this Municipality is authorized to enter into
a Lease Purchase Agreement (the "Agreement" ) with Valley Bank
Leasing, Inc. (LESSOR") for the acquisition of the use and
possession of the equipment described on the attached Exhibit "A"
(the "Equipment" ) for an aggregate cost not to exceed $325,000 (not
including interest) payable over a period of 5 years, and in
accordance with the terms of the Agreement, subject to the right of
the Municipality to (i) terminate and cancel such Agreement and the
Municipality's obligations on one date each year during the term of
the Agreement and (ii) acquire the Equipment at such times and on
such terms as may be set forth in the Agreement.
RESOLVED FURTHER, that each of the following officers of the
Municipality:
Ray Windsor, its City Manager
and Mark Joseph, its Administrative Services Director
are authorized, empowered, and directed to (i) negotiate the terms
of and execute and deliver the Agreement and such other documents
as may be necessary or appropriate, together with changes therein
as such officer shall deem necessary and desirable and (ii) take
such other actions as may be necessary or appropriate to consummate
the transactions contemplated in the Agreement and to cause the
full and timely performance of all of the Municipality's agreements
and obligations in connection with the Agreements such officer's
execution and delivery of the Agreement and other documents or the
taking of such actions to evidence such officer's approval of the
document or action, respectively:
RESOLVED FURTHER, that in connection with the foregoing
Resolutions, all actions taken by the duly authorized officers of
this Municipality with respect to the Agreement or the transactions
to be evidenced by the Agreement prior to the date of this
Resolution be, and they hereby are, ratified and confirmed as the
duly authorized acts of the Municipality:
RESOLVED FURTHER, that the Municipality does hereby designate
the Agreement as a qualified tax-exempt obligation for purposes of
Section 265(b) (3) (ii) of the Internal Revenue Code of 1988, as
amended and
Resolution No. 39-91
Page 2
RESOLVED FURTHER, that LESSOR may rely on this Resolution
until notified of the revocation, amendment, or other modification
in writing and all actions taken by the duly authorized officers of
this Municipality in accordance with this Resolution prior to the
LESSOR'S receipt of such notice shall be the duly authorized
actions of and binding and enforceable against the Municipality and
relied upon by LESSOR.
On motion by Councilperson Nimmo , and seconded by
Councilperson Dexter , the foregoing resolution is
hereby adopted in its entirety, by the following Roll Call Note.
AYES: Councilmembers Shiers, Borgeson, Nimmo, Dexter and Mayor Lilley
NOES: None
ABSENT: None
ADOPTED: May 14, 1991
ATTE T: CITY OF ATASCADERO
r,
By:
L D YKA, City C Robert i ley ayor
APPROVED AS TO FORM:
ART MONT D N, Ci Attorney
77��
ONTENT:
r
MARK J EPH, inistrative
Services Director
lt,:.w rrtur► VHLL=T Z"v-, LmH--mina
Valley Bank Leasing, Inc.
"Mesa/ltay at Tk. twttat t/alt.nat hawk .f wrtaawa
88HISIT A
_ D�cxxvtian of,�'roggzty„
ONE (1) 1991 XSUZU TROOPER $ 151831.35
VIN: JACM58R4R'8W323
i:35 SUBTOTAL: S 15,831.35
DOCaRMI't'ARY
PRBFARATION: 35.00
SALES TAX: "1.65
TOTAL: S 16,858.00
ONE (1) INTBRNATIOUL 4 N88BL DRTVE TRUCK, VM $ 94t442.08
MODEL #5 ME TRUCK BODY #20447
VIN: IETSB'2'MLE225453
TOTAL: $ 94,442.08
ONE (1) AOUATBCH SEM CLEAN= JET TRUCK $ 25104'0.00
VIN: 1GDK7H1J3MJ504279
TOTAL: $ 25,000.00
GRAW TOTAL: $ 136,300.08
Total OriEliia ftjc'*y;e 'Price of Property: $1361300.0$