HomeMy WebLinkAbout94-091
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RESOLUTION NO. 94- 9
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
AUTHORIZING AMBULANCE LEASE AGREEMENT,
SIGNATORIES AND NOTICE OF INTENT TO BE REIMBURSED
WHEREAS, City of Ukiah, County of Mendocino, State of California ("City") JS duly
authorized and existing under the laws of said State; and
WHEREAS, the City has entered into an agreement for the acquisition of one
ambulance ("Property") all in accordance with applicable public contract codes; and
WHEREAS, the governing body has determined it is in the best interests of the City
and the citizens it serves to secure lease-purchase financing to provide moneys in the
approximate amount of $75,000 necessary to pay for the Property; and
WHEREAS, Municipal Leasing Associates, inc. ("Corporation") has offered the City
a cost-effective lease financing arrangement requiring periodic rental payments
including principal plus interest computed at a 5.5% annual percentage rate.
NOW, THEREFORE, BE IT RESOLVED that the City Manager acting alone be hereby
authorized in the name and on behalf af City to enter into binding agreements with the
Corporatian for leasing the Praperty upon such terms as may seem advisable to said
officer, and to execute, as agent for the City, all necessary agreements including, but not
limited to, a lease/option agreement, purchase (agency) agreement acknowledgement
of assignment and acceptance certificate. The officer is also authorized ta accept or
direct delivery of the Property. The authority given hereunder shall be deemed
retroactive and any and all acts authorized hereunder performed prior to the passage
of this resolution are hereby ratified and affirmed.
BE IT FURTHER RESOLVED that the City of Ukiah declares its official intent to be
reimbursed from the proceeds of the lease/option agreement approved hereby for up
to a maximum of $75,000 of prior expenditures in the event the City elects to disburse
moneys from its own reserves for acquiring the Property and such declaration of official
intent to reimburse is issued pursuant to Section 1.103-18 of the Federal Income Tax
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Regulations. This declaration of official intent shall be made available for public
inspection at City Hall within thirty days after this resalution has been ratified.
BE IT FURTHER RESOLVED that the contemplated lease transaction be designated
by this body as a qualified tax exempt obligation for calendar year 1993 pursuant to
Section 265(b) of the Internal Revenue Code of 1986 and the authorized officers be
directed to execute the "Designation of Qualification" document.
PASSED AND ADOPTED this Ist day of September, 1993, by the following roll call
vote:
AYES: Councilmembers Mastin,
NOES: None
ABSENT: Counci 1member Malone
R:4/Res
Lease
Wattenburger, Shoemaker and Mayor Schneiter
Fred Schneite~,"Mayor