HomeMy WebLinkAboutResolution No. 8187• 0'.
RESOLUTION NO. 8178
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA APPROVING AN EQUIPMENT LEASE/PURCHASE
AGREEMENT WITH MARYLAND NATIONAL LEASING
CORPORATION AND AUTHORIZING THE EXECUTION AND
DELIVERY OF THE AGREEMENT AND RELATED INSTRUMENTS
AND DETERMINING OTHER MATTERS IN CONNECTION
THEREWITH
THE CITY COUNCIL OF THE CITY OF AZUSA DOES RESOLVE
AS FOLLOWS:
SECTION 1. The City Council of the City of Azusa
does hereby find, determine and declare that:
A. A true and very real need exists for the
equipment described in the Equipment Lease/Purchase
Agreement ("Agreement") approved by this
Resolution;
B. The City has taken the necessary steps to
arrange for the lease/purchase of the equipment,
including compliance with legal bidding
requirements;
C. The terms of the Agreement are in the best
interests of the City for the lease/purchase of the
equipment and entering into the Agreement will
benefit the health, safety and general welfare of
the citizens of the community; and
D. The Agreement is a lease/purchase agreement
and, therefore, complies with the debt limitation
clause of the California Constitution set forth in
Article 16, Section 18 of the California
Constitution.
E. City reasonably anticipates that it and its
subordinate entities will not issue tax-exempt
obligations in the face amount of more than
$10,000,000.00 during the current calendar year
SECTION 2. The Equipment Lease/Purchase Agreement
by and between the City and Maryland National Leasing
Corporation and the Escrow Agreement, attached thereto, is
hereby approved and the Mayor is authorized to execute,
acknowledge and deliver the Agreement and Escrow Agreement
in substantially the form as is set forth in Exhibit "A"
attached hereto, and the City's approval shall be
conclusively evidenced by such execution and delivery of the
Agreement and Escrow Agreement.
SECTION 3. The City Administrator is hereby
authorized and directed to execute and deliver any and all
other papers, instruments, opinions, certificates,
affidavits and other documents and to do or cause to be done
any and all other acts and things necessary or proper for
carrying out the Agreement.
• 0
SECTION 4. The City hereby appoints Union
Trust Company of Maryland, or such other qualified escrow
agent as the City Administrator and Maryland may agree, as
Escrow Agent.
SECTION 5. The City hereby designates the
Agreement as a "qualified tax-exempt obligation" within the
meaning of Section 265(b) (3) of the Internal Revnue Code
of 1986.
SECTION 6. The City Clerk shall certify the
adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 17th day of
February, 1987.
I HEREBY CERTIFY that the foregoing Resolution
was duly adopted by the City Council of the City of Azusa
at a regular meeting thereof, held on the 17th day of
February, 1987, by the following vote of the Council:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS:
AVILA, COOK, CRUZ, LATTA, MOSES
NONE
NONE
zz� el / /, 0 �,// - �, I -
CITY CLERK
- 2 -