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RESOLUTION NO. 95-33
RESOLUTION Of THE CITY COUNCIL Of THE CITY
OF UKIAH AMENDING RESOLUTION NO. 95-16,
AUTHORIZING LEASE AGREEMENT, SIGNATORIES,
AND NOTICE OF INTENT TO BE REIMBURSED
WHEREAS, City of Ukiah, County of Mendocino, State of California, ("City") is duly
authorized and existing under the laws of said State; and
WHEREAS, the City has entered or will enter Into agreements for the acquisition of
miscellaneous equipment ("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 $554,500.00 necessary ta 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 6.30% annual percentage rate; and
NOW, THEREFORE, BE IT RESOLVED that the City Manager acting alane be hereby
authorized in the name and on behalf of City to enter into binding agreements with the
Corporation for leasing the Property 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, investment agency
agreement, custodial agreement, acknowledgment of assignment and acceptance
certificate. The City Manager is also authorized to 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 a
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maximum principal amount of $554,500.00 of expenditures occurring no earlier than sixly
days prior to the adoption of this resolution. All reimbursed expenditures will be capital
expenditures as defined in Section 1.150-1 (b) of the Federal Income Tax Regulations.
BE IT FURTHER RESOLVED that this appraved lease financing be designated as a
qualified tax exempt obligation pursuant to Section 265(b) of the Internal Revenue Code
of 1986 (as amended) and the authorized officer be directed to execute the
"Designation of Qualification" document.
vote:
PASSED AND ADOPTED this 21st day of December, 1994, by the following roll call
AYES:
NOES: None
ABSENT: None
Councilmembers Mastin, Malone, Wattenburger, Shoemaker and Mayor Schneiter
R:4/Res
Lease .2