HomeMy WebLinkAbout96-054B - ResolutionsRESOLUTION NO. 96-054B
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, AMENDING
RESOLUTIONS NOS. 96-054 AND NO. 96-054A 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) Ingersoll-Rand Model DD22 3-5 Ton Vibratory Compactor and one (1) New Zieman Trailer
Model 1137 Single Axle ("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 $22,500.00 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 the City Manager and/or
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
BE IT FURTHER RESOLVED that this approved lease financing be designated as
a qualified tax exempt obligation for the calendar year in which the lease is issued pursuant to
Section 265(b) of the Internal Revenue Code of 1986 (as amended) and the authorized officers be
directed to execute the "Designation of Qualification" document.
Resolution No. 96-054B
Page 2
PASSED, APPROVED, AND ADOPTED this 7th day of August, 1996.
AYES: Alexander, Biane, Curatalo, Gutierrez, VVilliams
NOES: None
ABSENT: None
ATTEST:
Debra J. Adal~[3~,, CMC, City Clerk
William J. AleXander, Mayor
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 7th
day of August, 1996.
Executed this 8th day August, 1996, at Rancho Cucamonga, California.
s M City Clerk