R 3197
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RESOLUTION NO. 3197
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE AUTHORIZING LEASE AGREEMENT,
SIGNATORIES AND NOTICE OF INTENT TO BE
REJMBURSED
WHEREAS, City of Plfroyo Grande, County of San Luis Obispo, 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 of
various vehicles and computer system with appurtenant equipment ("Property") all in
accordance with the applicable law; and
WHEREAS, the governing body has determined 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 $500,000 necessary to pay for the Property; and
WHEREAS, Municipal Leasing Associates, Inc. ("Corporation") has offered the City. a
cost effective lease-financing arrangement requiring periodic rental payments including
principal plus interest; and
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Arroyo
Grande be hereby authorized in the name and 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 officer{s), 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 certificate, advance payment agreement,
acknowledgment of assignment and acceptance certificate. Each officer is also'
authorized to accept or direct delivery of the Property. The authority given hereunder
shall be deemed retroactive and any and all acts authorized hereunder performed prior
to the passage of this resolution are hereby ratified and affirmed.
BE IT FURTHER RESOLVED that the City of Arroyo Grande declares its official intent
to be reimbursed from the proceeds of the lease/option agreement approved hereby for
a maximum principal amount of $550,000 (which includes 10% for contingencies) of
expenditures occurring.no earlier than sixty days prior to the adoption of this resolution.
All reimbursed expenditures will be capital expenditures as defined in Section 1.150-
1{b) of the Federal Income Tax Regulations.
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 be directed to execute the "Designation of Qualification" document.
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RESOLUTION NO. 3197
PAGE 2
On motion of Council Member Fuller ,seconded by Council Member Runels ,
and on the following roll call vote, to wit: I
AYES: Council Members Fuller, Runels, Tolley, Lady, and Mayor D:mgall
NOES: None I
ABSENT: None
Resolution was passed and adopted this 28th day of January, 1997.
ATTEST:
11 a. ~
NAN~VIS, CITY CLERK
APPROVED AS TO FORM:
APPROVED AS TO CONTENT:
~L.~~
ROBERT L. HUNT, CITY MANAGER
I, NANCY A. DAVIS, City Clerk of the City of Arroyo Grande, County of San Luis
Obispo, State of California, do hereby certify under penalty of perjury that the foregoing
Resolution No. 3197 , is a true, full, and correct copy of said Resolution passed and
adopted at a regular meeting of said Council on the 28th day of January, 1997.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 12th day of i
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February, 1997.
11~t1.~
NANCY A. VIS, CITY CLERK
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RESOLUTION 00. 3197
PAGE 3
INCUMBENCY CERTIFICATE
City of Arroyo Grande
I further certify that the officer(s) referred to in the foregoing resolution is/are now held
by the following:
i Title Name
Mayor A.K. "Pete" Dougall -
Mayor Pro Tern Michael Lady
Council Member Michael Fuller
Council Member Thomas A. Runels
Council Member Steve Tolley
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 12th day of
January, 1997.
7/~Ci'. fJ,_n~4..J
NANCY A. AVIS, CITY CLERK
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