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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