HomeMy WebLinkAbout2007 073 CC RESO2007 073 CC RESO HÄ—@¸— Ø ”Í«RESOLUTION NO. 2007-073
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BALDWIN PARK AUTHORIZING THE EXECUTION AND
DELIVERY OF A MASTER LEASE AGREEMENT,
EQUIPMENT SCHEDULE NO. 09, AN ESCROW
AGREEMENT, AND RELATED INSTRUMENTS, AND
DETERMINING OTHER MATTERS IN CONNECTION
THEREWITH
WHEREAS, at a duly called meeting of the governing body of City of Baldwin
Park Lessee) held in accordance with all applicable legal requirements, including open
meeting laws, on the 5th day of December, 2007, this resolution was adopted; and
WHEREAS, the governing body of City of Baldwin Park Lessee") desires to
obtain certain equipment the Equipment") described in Equipment Schedule No. 09 to
the Master Lease Agreement ollectively, the Lease") with SunTrust Leasing
Corporation, the form of which has been available for review by the governing body of
City of Baldwin Park Lessee) prior to this meeting; and
WHEREAS, the Equipment is essential for the City of Baldwin Park Lessee) to
perform its 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 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, the 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 as follows:
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 City of
Baldwin Park Lessee) for the acquisition of the Equipment.
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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 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 cut 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 THIS 5th day of December, 2007.
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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 its regular meeting of the
5th day of December 2007, by the following vote:
AYES: COUNCIL MEMBERS: Marlen Garcia, Monica Garcia, Ricardo
Pacheco, Mayor Pro Tern Anthony J.
Bejarano and Mayor Manuel Lozano
NOES::;; COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
OSEMARY M. GUTIERREZ
CHIEF DEPUTY CITY CLERK
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