HomeMy WebLinkAbout6591RESOLUTION NO 6591
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS AUTHORIZING
THE EXECUTION AND DELIVERY OF A LEASE WITH OPTION TO PURCHASE, AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of Redlands (the 'City") is a municipal corporation organized and
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
$39,000.00 for the acquisition of cable television equipment (the 'Property"); and
WHEREAS, Municipal Finance Corporation (the 'Corporation") has proposed a cost
effective lease purchase financing arrangement at a 4.95% interest rate;
WHEREAS, the City has determined that this lease financing arrangement is the most
economical means for providing the Property to the City
NOW THEREFORE, it is resolved by the City Council of the City of Redlands as
follows:
SECTION 1 Lease with Option to Purchase. The Mayor 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's Attorney
SECTION 2. Attestations. The City Clerk or other appropriate City officer are hereby
authorized and directed to attest the signature of the Mayor or of such other person or persons as
may have been designated by the Mayor, 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.
SECTION 3 Other Actions. The Mayor, City Manager or the Finance Director 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 terns of
this Resolution and the Lease. Such actions are hereby ratified, confirmed and approved.
SECTION 5 Reimbursement of Prior Expenditures. The City declares its official intent
to be reimbursed from the proceeds of the Lease approved hereby for a maximum principal
amount of $39,000.00 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
1 150-1(b) of the Federal Income Tax Regulations.
SECTION 6 Effect This Resolution shall take effect immediately upon its passage
ADOPTED, SIGNED AND APPROVED this 3rd day of April, 2007
ATTEST
tX/
arnson, Mayor
I, Lon -ie Poyzer, City Clerk of the City of Redlands, hereby certify that the foregoing resolution
was duly adopted by the City Council at a regular meeting thereof held on the 3rd day of April,
2007, by the following vote
AYES Councilmembers Gilbreath, Gil, Gallagher, Aguilar, Mayor Harrison
NOES None
ABSENT None
ABSTAIN None