HomeMy WebLinkAbout1996-05-14 - RESOLUTIONS - LEASE AGMT AUTHORIZATION (2)RESOLUTION NO. 96-54
-- 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 lighting retrofit ("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 $107,385 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 5.38% annual percentage rate for the lighting retrofit;
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 leaseloption 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 lease/option agreement approved hereby for a maximum principal amount
of $107,385 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.
RESOLUTION NO. 96-54
SECTION 4: The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED THIS 14th DAY OF
May .1996.
MAYOR
A7T:
CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS
CITY OF SANTA CLARITA)
I Donna M. Grindey , City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 14th day of May 1996 by the following vote of
the Council:
AYES: COUNCILMEMBERS' Smyth, Darcy, Klajic, Heidt, Boyer
NOES: COUNCILMEMBERS : None
ABSENT:
COUNCILMEMBERS : None
I further certify that the officer(s) referred to in Resolution 96-54 is/are now held by the
following:
TITLE OF OFFICER
CLERK
NAME OF OFFICER
SIGNATURE OF OFFICER