HomeMy WebLinkAbout96-92 - Master Equipment Lease-Purchase Agreement•
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RESOLUTION NO. 96. 92
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AUTHORIZING THE
EXECUTION AND DELIVERY OF A MASTER
EQUIPMENT LEASEIPURCHASE AGREEMENT,
AND RELATED INSTRUMENTS, AND
DETERMINING OTHER MATTERS IN CONNECTION
THEREWITH.
WHEREAS, the City Council of the City of Newport Beach, hereinafter referred to
as ( "Lessee "), has determined that a true and very real need exists for the equipment,
hereinafter referred to as (the "Equipment') described in the proposed Master Equipment
Lease /Purchase Agreement with Municipal Funding Group, presented to this meeting and
attached to this Resolution as Exhibit "A ", (the "Agreement); and
WHEREAS, Lessee has taken the necessary steps, including those relating to any
applicable legal bidding requirements, to arrange for the acquisition of the Equipment;
and
WHEREAS, Lessee proposes to enter into the Agreement with Municipal Funding
Group substantially in the form of Exhibit "A'; and
WHEREAS, Lessee reasonably anticipates that it and its subordinate entities will
not issue tax - exempt obligations in the face amount of more than $10,000,000 during the
current calendar year.
NOW, THEREFORE, IT IS HEREBY RESOLVED, by the City Council of the City
of Newport Beach as follows:
Section 1: It is hereby found and determined that the terms of the Agreement in
the form presented to this meeting and incorporated in this Resolution are in the best
interests of Lessee for the acquisition of the Equipment.
Section 2: The Agreement is hereby approved. The City is authorized to
execute, acknowledge and deliver, the Agreement in substantially the form presented in
Exhibit "A ", such approval to be conclusively evidenced by such execution and delivery of
the Agreement. The City Clerk is authorized to affix the official seal of Lessee to the
Agreement and attest the same.
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Res. No. 96 -92
Section 3: The City Manager is authorized and directed to execute and deliver
any and all papers, instruments, opinions, certificates, affidavits and other documents and
to do or cause to be done any and all other acts and things necessary or proper for
carrying out this Resolution and Agreement.
Section 4: Lessee hereby designates the Agreement as a "qualified tax - exempt
obligation" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986,
as amended.
The undersigned further certifies that the above Resolution has not been repealed
or amended and remains in full force and effect and further certifies that the attached
Agreement is the same as presented at said meeting of the governing body of Lessee.
ADOPTED, this 12th day of November, 1996.
ATTEST:
City Clerk
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MAYOR