HomeMy WebLinkAbout6443_CCv0001.pdf RESOLUTION NO. 6443
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$424,274.00 for the acquisition of two (2) wildland fire apparatus (water tenders) (the
"Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a
cost-effective lease purchase financing arrangement at a 4.10% 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 as "ciLlAlfied tax-exempt obligations" under Section 265(b) of the Code.
SECTION 5, Effect. This Resolution shall take effect immediately tâ–ºporl its
passage.
ADOPTED, SIGNED AND APPROVED this 1 st day of November, 2005.
CITY OF REDLANDS, CALIFORNIA
ti
Sus Peppler, May r
ATTEST:
Lorrie Poyz i Clerk
I, Lorrie 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
1 st day of November, 2005, by the following vote:
AYES: Councilmembers Gilbreath, George, Harrison; Mayor Peppler
NOES: Councilmember Gil
ABSENT: None
ABSTAIN: None
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Lorrie Poyzer, Ci Ie k