HomeMy WebLinkAbout92-060 - Authorizing Lease Purchase Agreement and Signatories377
RESOLUTION NO. 92-060
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 to
lease purchase financing of an Optical Imaging System and network
expansion for the Planning and Building Agency, having an
approximate financing cost of $187,104.96; 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 6.55% 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, in an amount
not to exceed $187,104.96, 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,
acknowledgement 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
Page 2
of 1986 and the authorized officers be directed to execute the
"Designation of Qualification" document.
ADOPTED this 15th day of June , 1992
ATTEST:
l enr Ce c. W7
k of the Couh~tl
Mayor
COUNC ILMEMBERS:
Young Aye
Pulido Aye
Acosta ~
Griset .Aye
McGuigan Ahmmnt
Norton .Aye
Richardson Aye
APPROVED AS TO FORM:
Edw~rd--J~' ~oop~r
City Attornt~
CERTIFICATE OF ORIGINALITY
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the
attached Resolution ~- ~ ~ to be the original resolution
adopted by the City Council of the City of Santa Ana on
City of Santa Ana
Date