HomeMy WebLinkAbout2008-013 - Financing Documents and Related Instrumentsissozrzsros
RESOLUTION N0. 2008-013
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE EXECUTION OF
CERTAIN LEASE FINANCING DOCUMENTS AND
RELATED INSTRUMENTS AND DETERMINING OTHER
MATTERS IN CONNECTION THEREWITH
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. The City proposes to finance up to five million, sixty-nine thousand dollars
($5,069,000), of that certain computer software system which will provide
a comprehensive financial accounting/management system to integrate
City financial responsibilities (the "Equipment").
B. The City has solicited proposals from commercial leasing firms in
connection therewith and determined that SunTrust Equipment Finance &
Leasing Corp (the "Lessor"), has provided the proposal most
advantageous to the City, a copy of which is attached hereto (the
"Proposal").
C. It is in the public interest and for the public benefit that the City authorize
and direct execution of a lease agreement with Lessor and certain other
financing documents in connection therewith.
Section 2. The City Council of the City of Santa Ana hereby approves the
terms of the Proposal submitted by Lessor.
Section 3. The City Council of the City of Santa Ana authorizes the City
Manager and Clerk of the Council to execute, acknowledge and deliver:
(a) a lease agreement, by and between SunTrust Equipment Finance &
Leasing Corp, as Lessor, and the City as Lessee (the "Lease Agreement")
the terms of which shall be consistent with the Proposal;
(b) if required, an escrow agreement, by and between the City and SunTrust
Bank as escrow agent, relating to the receipt, investment and
disbursement of moneys paid by the Lessor to the City under the Lease
Agreement.
(c) such other schedules, exhibits, attachments, certificates, or ancillary
documents reasonably related to the Lease Agreement, collectively, the
Resolution No. 2008-013
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"Financing Documents', necessary to consummate the transaction
contemplated by this resolution.
Section 4. The City Manager or the Executive Director of Finance and
Management Services is hereby appointed as agent for the City of Santa Ana to review,
execute and deliver any and all Financing Documents including but not limited to,
agreements, amendments, applications, invoices, financing statements and payment
requests necessary for the completion of the financing and acquisition of the
Equipment. .
Section 5. Pursuant to Section 265(b) of the Internal Revenue Code of 1986,
as amended (the "Code"), City hereby designates the Lease as a "qualified tax-exempt
obiigation" for purposes of Section 265 (b)(3) of the Code.
Section 6. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this 3rd day of March, 2008.
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
~,
By: .r use
Laura Sheedy
Assistant City At rney
AYES: Councilmembers: Alvarez. Benavides. Bustamante. Martinez.
Pulido, Sarmiento, Tinaiero (7)
NOES: Councilmembers: None, (O)
ABSTAIN: Councilmembers: None (O)
NOT PRESENT: Councilmembers: None (Ol
Resolution No. 2008-013
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CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2008-013 to be the original resolution adopted by the City
Council of the City of Santa Ana on March 3, 2008.
Date: ~ 0 J ~ ~
Patricia E. Healy
Clerk of the Council
City of Santa Ana
Resolution No. 2008-013
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Resolution No. 2008-013
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Proposal for Lease-Purchase Financing
LESSEE City of Santa Ana, a charter city and municipal
corporation organized and existing under the
Constitution and laws of the State of California
LESSOR
SunTrust Leasing Corporation
TYPE OF FINANCING Master Lease Agreement. Said Agreement
shall be net lease arrangement whereby
Lessee is responsible for all costs of operation,
maintenance, insurance and taxes.
MAXIMUM AMOUNT LEASED
MAXIMUM INTEREST RATE
MAXIMUM TERM
PAYMENT TERMS
$5,069,000.00
2.96%
5 Years
Semi-Annual payment of $549,070.63
LEGAL TITLE Title to the software will be in the name of
Lessee. Lessor will be granted a security
interest or lien on all collateral being financed.
Resolution No. 2008-013
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