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HomeMy WebLinkAbout2006 071 CC RESO2006 071 CC RESO ×P%˜ö RESOLUTION NO. 2006-071 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK CALIFORNIA, AUTHORIZING THE EFFECTING AND DELIVERY OF A PURCHASE LEASE AGREEMENT, EQUIPMENT SCHEDULE NO. 8, AN ESCROW AGREEMENT, AND RELATED DOCUMENTS, AND DETERMINING OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, at a duly called meeting of the governing body of the City of Baldwin Park Lessee) held in accordance with all applicable legal requirements, including open meeting laws, on the 6th day of December, 2006, this resolution was introduced and adopted; and WHEREAS, the governing body of the City of Baldwin Park Lessee") desires to obtain certain equipment the Equipment") described in Equipment Schedule No. 8 to the Master Lease Agreement collectively, the Lease") with SunTrust Leasing Corporation, the form of which has been available for review by the governing body of the City of Baldwin Park Lessee) prior to this meeting; and WHEREAS, the Equipment is essential for the City of Baldwin Park Lessee) to perform it governmental functions; and WHEREAS, the funds made available under the Lease will be deposited with SunTrust Bank the Escrow Agent") pursuant to an Escrow Agreement between the City of Baldwin Park Lessee) and the Escrow Agent the Escrow Agreement") and will be applied to the acquisition of the Equipment in accordance with said Escrow Agreement; and WHEREAS, City of Baldwin Park Lessee) has taken the necessary steps, including those relating to any applicable legal bidding requirements, to arrange for the acquisition of the Equipment; and WHEREAS, City of Baldwin Park Lessee) proposes to enter into the Lease with SunTrust Leasing Corporation and the Escrow Agreement with the Escrow Agent substantially in the forms presented to this meeting. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BALDWIN PARK DOES HEREBY RESOLVE: SECTION 1. It is hereby found and determined that the terms of the lease and the Escrow Agreement collectively, the Financing Documents") in the forms presented to this meeting and incorporated in this resolution are in the best interests of the City of Baldwin Park Lessee) for the acquisition of the Equipment.. 2006 071 CC RESO ×P%˜ö Resolution No. 2006-071 Page 2 SECTION 2. The Financing Documents and the acquisition and financing of the Equipment under the terms and conditions as described in the Financing documents are hereby approved. The Mayor of City of Baldwin Park Lessee) and any other officer of City of Baldwin Park Lessee) who shall have the power to execute contracts on behalf of City of Baldwin Park Lessee) be, and each of them hereby is, authorized to execute, acknowledge and deliver the Financing Documents with any changes, insertions and omissions therein as may be approved by the officers who execute the Financing Documents, such approval to be conclusively evidenced by such execution and delivery of the Financing Documents. SECTION 3. The City Clerk of the City of Baldwin Park Lessee) and any other officer of City of Baldwin Park Lessee) who shall have power to do so be, and each of them hereby is, authorized to affix the official seal of City of Baldwin Park Lessee) to the Financing Documents and attest the same. SECTION 4. The proper officers of City of Baldwin Park Lessee) 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 Financing Documents. SECTION 5. Pursuant to Section 265(b) of the Internal Revenue Code of 1986, as amended the Code"), City of Baldwin Park Lessee) hereby specifically designates the lease as a qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Code.. PASSED, APPROVED AND ADOPTED t 64' ay December, 2006. Yy MA MIA 2006 071 CC RESO ×P%˜ö Resolution No. 2006-071 Page 3 ATTEST: STATE OF CALIFORNIA COUNTY OF LOS ANGELES ss. CITY OF BALDWIN PARK I, ROSEMARY M. GUTIERREZ, Chief Deputy City Clerk, of the City of Baldwin Park, do hereby certify that the foregoing Resolution was duly and regularly approved and adopted by the City Council of the City of Baldwin Park at a regular meeting thereof, held on the 6u' day of December, 2006 by the following vote: AYES: COUNCILMEMBERS: Anthony J. Bejarano, Marten Garcia, Ricardo Pacheco, David Olivas and Mayor Manuel Lozano NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None ABSTAIN: COUN MEMBERS: None 11,2 ROSEMAR J~,IERREZ CHIEF DEPUTY CITY CLERK BIB] 39064-U01 2006-U02 071-U02 CC-U02 RESO-U02 LI3-U03 FO8417-U03 FO84139-U03 DO97143-U03 C6-U03 RESO-U03 12/12/2006-U04 ROBIN-U04