HomeMy WebLinkAbout89-135 - Certificate of Resolutions•
RESOLUTION NO. 89 -135
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH STATE AND MUNICIPAL LEASE /PURCHASE
AGREEMENT CERTIFICATE OF RESOLUTIONS
WHEREAS, the Lessee is entering a State and Municipal
Lease /Purchase Agreement ( "Lease ") dated Nov. 28 19 99, with
Citicorp North America, Inc.;
WHEREAS, Lessee has carefully reviewed its financing
requirements for the current calendar year and reasonably expects that it will
not issue more than ten million dollars ($10,000,000) of tax- exempt
obligations during the calendar year;
NOW, THEREFORE, BE IT RESOLVED that the Lessee be, and
hereby is, authorized to enter into the Lease with Citicorp North America,
Inc. for a period of 60 months, and be it further
RESOLVED that an official of the Lessee be, and hereby is,
authorized, empowered and directed to sign on its behalf the Lease and any
addenda, schedules, notes, UCC financing statements or other instruments
issued under the provision of the Lease and any other instrument or
document which may be necessary or expedient in connection with
agreement upon or fulfillment of the provisions of the Lease.
RESOLVED, that pursuant to Section 265(b) (3) of the Internal
Revenue Code of 1986, as amended, this Lease be and hereby is designated a
"qualified tax- exempt obligation" includable within the ten million dollars
($10,000,000) of the aggregate issues designated as "qualified tax - exempt
obligations" for the calendar year within which this Lease is entered into.
RESOLVED, that Lessee shall not designate more than ten
million dollars ($10,000,000) of tax- exempt obligations during the current
calendar year as qualified tax - exempt obligations and Lessee, together with its
subordinate entities, does not reasonably expect to issue more than ten
million dollars ($10,000,000) of tax exempt obligations during the current
calendar year.
IN WITNESS WHEREOF, I have duly executed this certificate
• and affixed the seal hereto this 27th day of November 1989 .
ATTEST:
Lessee:_ CITY OF NEWPORT BEACH
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