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.
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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