2005/08/09 City Council Resolution (4)RESOLUTION NO. 2005- 240
RESOLUTION.OF THE COUNCIL OF THE CITY OF ROHNERT PARK
- APPROVING A LEASE WITH OPTION TO PURCHASE AGREEMENT WITH
BANC OF AMERICA LEASING & CAPITAL, LLC AND DECLARING
INTENT TO BE REIMBURSED FROM THE PROCEEDS
WHEREAS, City of Rohnert Park, County of Sonoma, 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 vehicles for the Police and Fire operations,
in accordance with the applicable law; and
WHEREAS, the Council has determined that 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
$823,000 necessary to pay for the Property; and
WHEREAS, Banc of America Leasing & Capital, LLC has offered
the City a cost effective lease- - financing arrangement requiring
periodic rental payments including principal plus interest computed
at 3.167% annual percentage rate for 5 years financing and 3.20920
annual percentage rate for 7 year financing.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of
Rohnert Park that it does hereby approve that certain "lease with
option to purchase" between Banc of America Leasing & Capital, LLC
and the City of Rohnert Park; and
BE JT FURTHER RESOLVED that the City Manager is authorized and
directed to execute said lease for and on behalf of the City.
BE IT FURTHEP, RESOLVED that the City Manager and the Finance
Director are authorized and directed to execute any related
documents necessary to consummate the transactions contemplated by
the lease purchase agreement herein approved and authorized.
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 are directed to execute the "Designation of Qualification"
document.
BE IT FURTHER RESOLVED that the Council of the City of Rohnert
Park does hereby declare its official intent to be reimbursed from
the proceeds of the Lease With Option. To Purchase Agreement for a
maximum amount of $823,000 of expenditures occurring no earlier
than sixty days prior August`9, 2005. All reimbursed expenditures
will be capital expenditures as defined in Section 1.150 -I(b) of
the Federal Income Tax Regulations; and
DULY AND REGULARLY ADOPTED this 9th day of August, 2005.
G
TEST
City Clerk
CITY OF ROHNERT PARK
BREEZE: AYE FLORES: AMY SMITI -E AYE VIDAK MARTINEZ: AYE MACKENZIE: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)
Incumbency
I further certify that the officer(s) referred to in the foregoing
resolution is /are now held by the following:
TITLE OF OFFICER
Mayor
City Manager
Finance Director
Date:
NAME OF OFFICER
Jake Mackenzie
Steve Donley
Sandra Lipitz
SIGNATURE OF OFFICER
City Clerk: