HomeMy WebLinkAbout6544_CCv0001.pdf RESOLUTION NO. 6544
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 duly 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
$125,000 for the acquisition of one (1) fire apparatus (Paramedic Squad) (the "Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost
effective lease purchase financing arrangement at a 4.35% interest rate;
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 Attorney.
SECTION 2. Attestations. The City Clerk is hereby authorized and directed to attest
the signature of 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, or in his/her absence, the City Manager or
the Finance Director of the City are each hereby authorized and directed 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. Qualified Tax-Exempt Obligations. The Lease is hereby designated as
"qualified tax-exempt obligations" 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 at "qualified tax-exempt
obligations" under Section 265(b) of the Code.
SECTION 5. Effect. This Resolution shall take effect immediately upon its passage.
ADOPTED, SIGNED AND APPROVED this 5th day of September, 2006.
Ma r
ATTEST:
City erk
I, Lvrrie Poyzer, City Clerk of the City of Redlands, California, do hereby certify that the
foregoing Resolution No. 6544 was duly adopted by the City Council at a regular meeting
thereof held on the 5th day of September, 2006,by the following vote:.
AYES: Councilmembers Gilbreath, Gil, Gallagher, Aguilar; Mayor Harrison
NOES; None
ABSENT: None
ABSTAIN: None
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Lo e Poyzer, Ci er
City of Redlands, al mia
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