HomeMy WebLinkAbout1996-04-16 - RESOLUTIONS - LEASE AGMT AUTHORIZATION (2)RESOLUTION NO. 96-28
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA
AUTHORIZING LEASE AGREEMENT, SIGNATORIES AND
NOTICE OF INTENT TO BE REIMBURSED
WHEREAS, City of Santa Clarita, County of Los Angeles, State of California ("City") is
duly authorized and existing under the laws of said State; and
WHEREAS, the City has entered into agreements for the acquisition and installation of
administrative computer hardwarelsoftware ("Property"); and
WHEREAS, the governing body has determined it is in the best interests of the City and
the citizens it serves *to secure lease -purchase financing to provide moneys in the
approximate amount of $525,000 necessary to pay for the Property; and
WHEREAS, Municipal Leasing Associates, Inc. ("Corporation") has offered the City a cost
effective lease -financing arrangement requiring periodic rental payments including
principal plus interest computed at a 4.88% annual percentage rate for the computer
hardware/software;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA does
resolve as follows:
SECTION 1: that the Mayor or the City Manager acting alone be hereby authorized in the
name and on behalf of City to enter into binding agreements with the Corporation for
leasing the Property upon such terms as may seem advisable to said officer(s), and to
execute, as agent for the City all necessary agreements including, but not limited to, a
lease/option agreement, custodial and agency agreement, arbitrage and tax certificate,
acknowledgment of assignment and acceptance certificate. Each officer is also authorized
to accept or direct delivery of the Property. The authority given hereunder shall be
deemed retroactive and any and all acts authorized hereunder performed prior to the
passage of this resolution are hereby ratified and affirmed.
SECTION 2: that the City of Santa Clarita declares its official intent to be reimbursed
from the proceeds of the leaseloption agreement approved hereby for a maximum principal
amount of $525,000 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 3: that this approved lease financing be designated as a qualified tax exempt
obligation for the calendar year in which the lease is issued pursuant to Section 265(b) of
the Internal Revenue Code of 1986 (as amended) and the authorized officers be directed to
execute the "Designation of Qualification" document.
SECTION 4: The City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED AND ADOPTED THIS
16th DAY OF April 1996.
MAYOR
► , /
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS
CITY OF SANTA CLARITA)
I Donna M. Grindev , City Clerk of the City of Santa Clarita, do hereby certify that
the foregoing Resolution was duly adopted by the City ncil of the City of Santa Clarita
at a regular meeting thereof, held on the 16th daJAPKil 1 96, he
following vote of the Council: ,,/� , �
AYES: par I-CityClerk
cy,Neidt,Klajic,9myth,Boyer
NOES: None
ABSENT: None
Incumbency
I further certify that the officer(s) referred to in resolution 96-28 is/are now held by the
following:
TITLE OF OFFICER NAME OF OFFICER SIGNATURE OF OFFICER
Mayor Carl Boyer
City Manager George Caravalho
At e
CLERI Ap yed o rm:
ity Attorney