HomeMy WebLinkAbout1998-01-27 - RESOLUTIONS - COMMUTER BUS LEASE/PURCHASE (2)RESOLUTION 98-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA AUTHORIZING LEASE WITH OPTION TO PURCHASE AGREEMENT
FOR THE PURCHASE OF FOUR COMMUTER BUSES, FOR AN AMOUNT NOT TO
EXCEED $1,600,000.
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 Council has authorized the acquisition of four commuter buses
("Property").
WHEREAS, Kansas State Bank ("Corporation") has offered the City a cost effective lease with
option to purchase financing arrangement requiring periodic rental payments including
principal plus interest computed at a 5.199 annual percentage rate.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA does resolve
as follows:
SECTION 1: that the Mayor or City Manager acting alone be hereby authorized in the name
and on behalf of the City enter into a binding agreement 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,
Certificate of Acceptance, Lessee Resolution and Bank Qualified 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 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).
SECTION 3: the City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED, AND ADOPTED THIS ZLb DAY OF Jannr, ry , 1998.
YOR
ATTEST:
X Q. ,,.a-�
_. CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )ss
CITY OF SANTA CLARITA )
I, Sharon L. Dawson. 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 27Fh day of January 1998, by the following
vote of Council:
AYES: COUNCILMEMBERS: Boyer, Klajic, Darcy, Smyth, Heidt
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK