2002/08/13 City Council Resolution (2)RESOLUTION NO. 2002-190
RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARK
APPROVING A LEASE WITH OPTION TO PURCHASE AGREEMENT WITH
FIRST MUNICIPAL LEASING CORPORATION 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 and installation of a finance computer system,
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
$300,000 necessary to pay for the Property; and
WHEREAS, First Municipal Leasing Corporation ( "Corporation ")
has offered the City a cost effective lease - financing arrangement
requiring periodic rental payments including principal plus
interest computed at 4.150% annual percentage rate; and
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 First Municipal Leasing Corporation and
the City of Rohnert Park; and
BE IT FURTHER RESOLVED that the City Manager is authorized and
directed to execute said lease for and on behalf of the City.
BE IT FURTHER 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 $300,000 of expenditures occurring no earlier
than sixty days prior August 13, 2002. 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 13th day of August, 2002.
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CITY OF ROHNERT PARK
HOMMERT PARK
-
Mayor
ATTEST
-off "1'
MACKENZIE: AYE REILLY: AYE
AYES: (4)
VACANCY: N/A VIDAK- MARTINEZ: AYE FLORES: AYE
NOES: (0) ABSENT: (0) ABSTAIN: (0)
Incumben,v
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
NAME OF OFFICER
Armando Flores
Joseph Netter
Sandra Lipitz
Date: Clerk:
Finance Lease 02
SIGNATURE OF OFFICER