HomeMy WebLinkAbout96-067 - Authorizing Agreements with Municipal Leasing AssociatesRESOLUTION NO. 96- 067
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING AGREEMENTS
WITH MUNICIPAL LEASING ASSOCIATES, INC.
FOR THE LEASING OF A JAIL AND RECORDS
MANAGEMENT SYSTEM
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 will enter into agreements for the acquisition of a jail
and records management system ("Property"); and
WHEREAS, Municipal Leasing Associates, Inc. ("Corporation") has offered the
City a cost effective lease-financing arrangement in the amount of $1,325,580.00
requiring periodic rental payments including principal plus interest computed at
a 5.43% annual percentage rate;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA
that the City Manager or a designee acting alone be hereby authorized in the name
and on behalf of the City to enter into binding agreements with the Corporation
for leasing the Property upon such terms as may seem advisable to said officer,
and to execute, as agent for the City, all necessary agreements including, but
not limited to a lease/option agreement, custodial and agency agreement,
arbitrage and tax certificate, acknowledgment of assignment and acceptance
certificate.
BE IT FURTHER RESOLVED that this approved lease financing be designated as
a qualified tax exempt obligation for calendar year 1996 pursuant to Section
265(b) of the Internal Revenue Code of 1986 (as amended) and the city Manager or
a designee be directed to execute the "Designation of Qualification" document.
ADOPTED this 1st
ATTEST:
day of July , 1996.
COUNCILMEMBERS:
Pulido Aye
Richardson Aye
Espinoza Aye
Lutz Aye
McGuigan Aye
Mills Aye
Moreno ~ye
APPROVED AS TO FORM:
Richard' E .~ Lay
Acting City Attorney
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CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution
~ ~'O ~ 7 to be the original resolution adopted by the City Council of the
City of Santa Ana on 7- ./~ ~;~ .
~// Clerk of
City of Santa Anal--/