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HomeMy WebLinkAboutResolution No. 96-C1710 0 RESOLUTION NO. 96-C171 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA (THE "GOVERNING BODY") AUTHORIZING THE EXECUTION AND DELIVERY OF A PROPERTY LEASE/PURCHASE AGREEMENT, AND RELATED INSTRUMENTS, AND DETERMINING OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, the governing body of the City has determined that a true and very real need exists for the property (the "Property") described in the proposed Property Lease/Purchase Agreement (the "Agreement') with LaSalle National Bank presented to this meeting; and WHEREAS, the City has taken the necessary steps, including those relating to any applicable legal bidding requirements, to arrange for the financing of the cost of renovating the existing building on the Property and constructing a new wing (collectively, the 'Project'); and WHEREAS, the City proposes to enter into the Agreement and related Site Lease with LaSalle National Bank substantially in the form presented to this meeting; and WHEREAS, the City reasonably anticipates that it and its subordinate units will not issue tax exempt obligations in the face amount of more than $10,000,000 during the current calendar year. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF LESSEE AS FOLLOWS: Section 1. It is hereby found and determined that the terms of the Agreement and related Site Lease in the form presented to this meeting and incorporated in this resolution are in the / best interests of the City for the financing of the Project. Section 2. The Agreement and the Site Lease are hereby approved. The Mayor of the City and any other officer of the City who shall have power to execute contracts on behalf of the City be, and each of them hereby is, authorized to execute, acknowledge and deliver the Agreement and the Site Lease with any changes, insertions and omissions therein as may be approved by the officers who execute the Agreement and the Site Lease, such approval to be conclusively evidenced by such execution and delivery of the Agreement and the Site Lease. The Mayor of the City and any other officer of the City who shall have power to do so be, and each of them hereby is, authorized to affix the official seal of the City to the Agreement and the Site Lease and attest the same. Section 3. The proper officers of the City be, and each of them hereby is, authorized and directed to execute and deliver any and all 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 this resolution and the Agreement and the Site Lease. Section 4. The City hereby designates the Agreement as a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. PASSED, APPROVED AND ADOPTED this 4 th day of November, 1996. b� MAYOR 0 � � I HEREBY CERTIFY that the foregoing Resolution No. 96—C171 was duly adopted by the City Council of the City of Azusa, at a regular meeting thereof, held on the: 4 day of November, 1996 by the following vote of the Council. AYES: COUNCILMEMBERS: Hardison,Madrid,Naranjo,Beebe,Alexander NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None I HEREBY FURTHER CERTIFY that the above resolution has not been repealed or amended and remains in full force and effect and further certifies that the within Property Lease/Purchase Agreement and Site Lease are the same as presented at said meeting of the governing body of the City, excepting only such changes, insertions and omissions as shall have been approved by the officers who executed the same.�i