HomeMy WebLinkAbout6698_CCv0001.pdf RESOLUTION NO. 6698
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
$126,486.13 for the acquisition of four Ford Crown Victoria sedans and one Ford Explorer for
the police department (the "Property"); and
WHEREAS, Municipal Finance Corporation (the "Corporation") has proposed a cost-
effective lease purchase financing arrangement at a 4.25% 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, City Manager or a designee 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 or other appropriate City officer is hereby
authorized and directed to attest the signature of the Mayor or City Manager or of such other
person or persons as may have been designated by the Mayor or City Manager, 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 and other officers 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 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 "qualified tax-exempt
obligations" under Section 265(b) of the Code.
Resolution No. 6698
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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 maxima n principal
amount of S 126,486.13 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
I.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 1 st day of April, 2008.
M or of the ity of Redlands
ATTEST:
City C rk
1, Lorrie Poyzer, Clerk of the City of Redlands, hereby certify that the foregoing resolution was
adopted by the City Council at a regular meeting thereof, held on the Ist day of April, 2008 by
the following vote:
AYES: Councilmembers Gilbreath, Gallagher, Aguilar, Bean; Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
Cit Jerk
Resolution No. 6648
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