HomeMy WebLinkAbout1998-07-14 - RESOLUTIONS - LEASE AGMT NEXUS PURCHASE (2)RESOLUTION NO. 98-95
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA
AUTHORIZING LEASE AGREEMENT FOR THE
PURCHASE OF NEXUS TELEPHONE SYSTEM
FOR AN AMOUNT NOT TO EXCEED $420,000
WHEREAS, City of Santa Clarita, County of Los Angeles, State of California ("City") is
daffy suthwized and existing under the laws of said State; and
WHEREAS, The City Council has authorized the acquisition of a Telephone System
("Property").
WHEREAS, Leasing Innovations ("Corporation") has offered the City a cost-effective lease
purchase financing arrangement requiring periodic rental payments, including principal
and interest computed at a 4.97 annual percentage rate.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA does
hereby 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 the
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
Lease to purchase Agreement, Certificate of Acceptance, Lessee Resolution and Bank
Qualified Certificate. Each officer is also authorized to accept or direct delivery of the
Property.
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 , 4"DAY -JULY, 1998.
ATTEST:
CITY CLERK
RESOLUTION NO. 98-95
July 14, 1998 — Page 2
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) ss
CITY OF SANTA CLARITA)
I, Sharon 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 14thday of JULY 1998 by the following
vote of the Council.
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
WESTE, KLAJTC, DARCY, CHERRY
HEiDT
NONE
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CITY CLERK
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