HomeMy WebLinkAbout91-058, 1§9
REL:mb 6/10/91
RESOLUTION NO. 91- 058
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA ANA AUTHORIZING
LEASE PURCHASE AGREEMENT AND
SIGNATORIES.
WHEREAS, the City of Santa Ana, County of Orange, State
of California ("CITY") is duly authorized and existing under the
laws of said State; and
WHEREAS, the city solicited third party proposals for
lease purchase financing of miscellaneous equipment for the
Information Services Division, having an approximate financing cost
of $99,190.00; and
WHEREAS, Municipal Leasing Associates, Inc.
("Corporation") has offered the CITY the most cost effective
financing requiring periodic lease payments including principal
plus interest computed at a 7.62% annual percentage rate;
NOW, THEREFORE, BE IT RESOLVED that the Mayor and the
Clerk of the Council are hereby authorized 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 officers,
and to execute, as agent for the CITY, all necessary agreements,
but not limited to, a lease/option agreement, advance payment
agreement, acknowledgment to assignment and acceptance certificate.
Each officer is also authorized to accept direct delivery of the
Property.
BE IT FURTHER RESOLVED that the contemplated lease
transaction be designated by this body as a qualified tax exempt
obligation pursuant to Section 265(b) of the Internal Revenue Code
RESOLUTION 91-058
170 PAGE TWO
of 1986 and the authorized officers be directed to execute the
"Designation of Qualification" document.
ADOPTED this 17th day of , June , 199 ]__.
ATTEST: ~~__
~~ ~_ Daniel H. Young
~ice C. Guy ../. ~/ Mayor
Clerk of the Council /
COUNCILMEMBERS:
Young Aye
Pulido
Acosta
Griset
McGuigan
Norton
Richardson Aye
APPROVED AS TO FORM:
City Attorney
CERTIFICATE OF ORIGINALITY
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the
attached Resolution 9/~O~5--~ to be the original resolution
adopted by the City Council of the City of Santa Ana on
e Coun~i/1, Date
City of Santa Ana