HomeMy WebLinkAbout82-76RESOLUTION NO. 82,76
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RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
AUTHORIZING INTERIM RENT LETTER AGREEMENT
WHEREAS, City of Ukiah has negotiated a Lease and Option Agreement with
First Interstate Bank of California for financing of a portion of new
facilities being constructed and installed at its Wastewater Treatment Plant;
and
WHEREAS, the City of Ukiah may require a portion or all of the purchase
price of the equipment to be leased under the lease to be paid to it prior
to the funding of the entire lease; and
WHEREAS, First Interstate Bank of California, by Letter Agreement dated
27 April 1982, agrees to make such partial payments as stipulated therein.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Ukiah approves and accepts the Interim Rent Letter Agreement dated 27 April
1982 and authorizes its Mayor and Clerk to execute the Letter Agreement on
behalf of the City and to execute such other documents as required therewith.
PASSED AND ADOPTED this _2ZLd__day of June , 1982 by the following
roll call vote'
AYES- Councilmembers Hickey, Snyder, Riley, Myers
NOES' Councilmember Feibusch
ABSENT-None
ATTEST'
Bank
April 29, 1982
First Interstate Bank
of California
Box 3666 Terminal Annex
Los Angeles, CA 90051
Direct Line: (213) 614-3482
Mr. G. Roy Brosig
City of Ukiah
City Hall
203 South School Street
Ukiah, CA 95482
Re: Equipment Lease Agreement dated as of
(the "Lease") between First Interstate Bank of California
("First Interstate") and The City of Ukiah
Gentlemen:
In the event that First Interstate pays all or any portion of the purchase
price of equipment to be leased under the lease prior to the funding of the
entire lease, then Lessee promises to pay to First Interstate from and after
the date of payment to the date such equipment is included in the lease,
interest at a floating rate of First Interstate Prime +2 x 60% as
of the last day of each calendar month applied to the amount of such payment(s)
by First Interstate. The amounts due hereunder are payable monthly and on the
date of the funding of the lease covering the equipment. In the event the
equipment is for any reason not accepted by the Lessee, Lessee will on demand
pay to First Interstate the amounts advanced by First Interstate, plus sales
tax (if any) and the interest due.
If the foregoing is acceptable, please so indicate by signing the acceptance
and returning the attached copy of this letter.
Sincerely'~,
Donald Id. Leahy
Leasing Off±cer
Attachment
ACCEPTED:
Bank
First Interstate Bank
of California
Box 3666 Terminal Annex
Los An§eles, CA 90051
Direct T,ine: (213) 614-3482
April 29, 1982
Mr. G. Roy Brosig
City of Ukiah
City Hall
203 South School Street
Ukiah, CA 95482
Dear Mr. Brosig:
Enclosed please find two copies of the Lease and Option Agreement, Lease
Orders, and "Interim Rent Letter Agreement" to be used in connection with
the Waste Water Treatment Equipment.
Please return the executed documents to me along with:
1. The City Council's Resolution authorizing the lease and
the individual(s) executing the documents in connection
therewith.
2. The City Council's Resolution authorizing the "Interim
Rent Letter Agreement" and the individual(s) executing
the agreement.
Interest will be charged monthly on any advances made
by the Bank at the request of the City, at a floating
rate of Prime Plus 2 times 60 Percent.
3. Evidence of insurance.
Please contact the undersigned with any questions or for additional infor-
mation.
Donald W. Leahy
Leasing Officer
Equipment Leasing Department
DWL :jaf
Enclosures
Interstate-
April 29, 1982
First Interstate Bank
of California
Box 3666 Terminal Annex
Los Angeles, CA 90051
Direct Line: (213) 614-3482
Mr. G. Roy Brosig
City of Ukiah
City Hall
203 South School Street
Ukiah, CA 95482
Re: Equipment Lease Agreement dated as of ~ ~'~ / ~J~ ~'~
(the '~ease") between First Interstate Bank of California
("First Interstate") and The City of Ukiah
Gentlemen:
In the event that First Interstate pays all or any portion of the purchase
price of equipment to be leased under the lease prior to the funding of the
entire lease, then Lessee promises to pay to First Interstate from and after
the date of payment to the date such equipment is included in the lease,
interest at a floating rate of First Interstate Prime +2 x 60% as
of the last day of each calendar month applied to the amount of such payment(s)
by First Interstate. The amounts due hereunder are payable monthly and on the
date of the funding of the lease covering the equipment. In the event the
equipment is for any reason not accepted by the Lessee, Lessee will on demand
pay to First Interstate the amounts advanced by First Interstate, plus sales
tax (if any) and the interest due.
If the foregoing is acceptable, please so indicate by signing the acceptance
and returning the attached copy of this-~etter.
Sincerely,
Donald W. Leahy
Leasing Officer
Attachment
ACCEPTED:
:
By
Title:
Date: