HomeMy WebLinkAbout1991-04-23 - RESOLUTIONS - FIN PARAMETERS AGMT 1991-1 (2)RESOLUTION NO. 91-58
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA CLARITA, CALIFORNIA, APPROVING
CERTAIN FINANCING PARAMETERS IN CONNECTION
WITH THAT CERTAIN MASTER LEASE AND OPTION TO
PURCHASE AGREEMENT NO. 1991-1.
WHEREAS, the City of Santa Clarita, Los Angeles
County, California (the "City"), by its adoption of
Resolution No. 91-52 on April 9, 1991, has approved the
execution and delivery of that certain Master Lease and
Option to Purchase Agreement No. 1991-1 dated as of
May 1, 1991 (the "Lease"), by and between the Chelsea
Leasing Corporation (the "Corporation") and the City to
finance the acquisition of buses to be used for public
transportation (the "Project") subject to the determination
and approval by the City of interest rate parameters
therefor; and
WHEREAS, the Lease provides for the payment of
rental payments, representing principal and interest
components and having principal components in the aggregate
sum of not to exceed $2,250,000, and said rental payments
being made by the City from funds as set forth in the Lease;
and
WHEREAS, the City now desires to set the interest
rate parameters on the principal components of the rental
payments under the Lease;
NOW THEREFORE, BE IT RESOLVED, by the City Council
of the City of Santa Clarita, California, as follows:
SECTION 1. The above recitals are all true and
correct.
SECTION 2. The City hereby determines that the
principal components of the rental payments under the Lease
shall bear interest at a rate of not to exceed seven and
three-quarters percent (7.75$) per annum and the
underwriter's discount in connection therewith shall not
exceed one and eighty-five hundredths percent (1.85%) of the
principal components of the rental payments under the
Lease. The principal amount, interest rate and discount
shall be approved prior to the execution of the Lease by the
City Manager of the City.
SECTION 3. The City hereby ratifies and confirms
all actions heretofore taken in connection with the
authorization, execution and delivery of the Lease and other
documents related thereto.
PASSED AND ADOPTED by the City Council of the City
of Santa Clarita, California, at a regular meeting held on
the -23rd_ day of April , 1991.
CITY OF SANTA CLARITA, CALIFORNIA
By: 04441 Ayy
MAY(5R
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the City Council of the City of Santa
Clarita, California, at a regular meeting thereof, held on
^ the 23rd day of mil , 1991, by the following vote
of the Council:
AYES: COUNCIL MEMBERS: Darcy, Heidt, Klajic, McKeon, Boyer
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
CITY CLERK