HomeMy WebLinkAbout1998-12-08 - RESOLUTIONS - LEASE AGMT AUTHORIZATION (2)RESOLUTION NO. 98-145
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 law of said State; and,
WHEREAS, the City has entered or will enter into agreement for the acquisition of
six (6) commuter buses ("Property") all in accordance with the applicable law; and,
WHEREAS, the governing body has determined it is in the beat interest of the City
and the citizens it serves to secure lease -purchase financing to provide moneys in
the approximate amount of $2,400,000 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 4.77% annual percentage rate; and,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA
does resolve as follows:
Section 1: That the City Manager or a designee 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 agents for the City, all necessary agreements
including, but not limited to, a leaseloption agreement, custodial and agency
agreement, arbitrage and tax certificate, acknowledgement 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 the 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 $2,400,000 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.
RESOLUTION NO. 98-145
December 8, 1998 — Page 2
PASSED, APPROVED AND ADOPTED, this 8th day of December 1998.
4YOR
ATTEST:
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 fully adopted by the City Council of the City of Santa
Clarita at a regular meeting thereof, held on the 8' day of December 1998, by the
following vote of the Council:
AYES: COUNCILMEMBERS Klaiic, Heidt, Ferry, Weste, Darcy
NOES: COUNCILMEMBERS None
ABSENT: COUNCILMEMBERS None
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