HomeMy WebLinkAbout96-054 - ResolutionsRESOLUTION NO. 96-054
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING THE
LEASE/PURCHASE OF EQUIPMENT THROUGH MUNICIPAL
LEASING ASSOCIATES, INC.
WHEREAS, The City of Rancho Cucamonga, County of San Bernardino, 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
one (1) Athey/Mobil model 2TE5DB street sweeper ("Property") all in accordance with the
applicable law; 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 $116,327.98 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 5.03% annual percentage rate; and
WHEREAS, the City Council of the City of Rancho Cucamonga has taken the
necessary steps, including any legal bidding requirements, under applicable law to arrange for
acquisition of such equipment; and
WHEREAS, the City Council of the City of Rancho Cucamonga hereby directs the
City Attorney to review the agreement and negotiate appropriate modifications of said agreement
so as to assure compliance with state law and local statutory law, prior to execution of the
agreement by those persons authorized by the City Council for such purpose; and
NOW, THEREFORE, BE IT RESOLVED that Jack Lam, AICP, City Manager and/or
Bob Dominguez, Administrative Services Director acting alone 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(s), and to execute as agent for the City,
all necessary agreements including, but not limited to, a lease/option agreement, acknowledgment
of assignment and acceptance certificate. Each officer 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 the resolution are hereby ratified
and affirmed.
Resolution No. 96-054
Page 2
PASSED, APPROVED, AND ADOPTED this 17th day of April, 1996.
AYES:
NOES:
ABSENT:
Alexander, Biane, Curatalo, Gutierrez, Williams
None
None
William J. Alexa/g~der, Mayor
ATTEST:
De~bra J. Adam~MC, City Clerk
I DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify
that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the
City of Rancho Cucamonga, California, at a regular meeting of said City Council held on the 17th
day of April, 1996.
Executed this 18th day of April, 1996, at Rancho Cucamonga, California.
(Debra J. Ada~, City Clerk