Loading...
HomeMy WebLinkAboutResolution No. 09-7154 - Amend Agrmt. w/Oshkosh Capital to Lease-Purchase 2 Fire Pumper TrucksRESOLUTION NO. 09-7154 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY AMENDING THE MASTER LEASE – PURCHASE AGREEMENT WITH OSHKOSH CAPITAL DATED SEPTEMBER 28, 2004, BY INCLUDING LEASE SCHEDULE NO. 126999000 1N THE AMOUNT OF $1,048,174 FOR TWO FIRE PUMPER TRUCKS. WHEREAS, the Municipality is a political subdivision of the State in which the Municipality is located (the “State”) and is duly organized and existing pursuant to the Constitution and laws of the State. WHEREAS, pursuant to applicable law, the governing body of the Municipality (“Governing Body”) is authorized to acquire, dispose of and encumber real and personal property, including, without limitation, rights and interest in property, leases and easements necessary to the functions or operations of the Municipality. WHEREAS, the Governing Body hereby finds and determines that the execution of one or more Master Lease-Purchase Agreements (“Lease”) in the principal amount not exceeding the amount stated above for the purpose of acquiring the property (“Equipment”) to be described in the Lease is appropriate and necessary to the functions and operations of the Municipality. WHEREAS, on September 28, 2004, the City Council of the City of Downey approved a Master Lease – Purchase Agreement together with related lease schedule no. 5291800004 with Oshkosh Capital to finance the acquisition of equipment. WHEREAS, the City desires to amend the above noted agreement by including lease schedule no. 126999000 inclusive of implementing documents. WHEREAS, Oshkosh Capital (“Lessor”) shall act as Lessor under said Lease. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Either the City Manager OR the Director of Finance (each and Authorized Representative) acting on behalf of the Municipality, is hereby authorized to negotiate, enter into, execute, and deliver one or more Lease in substantially the form set forth in the document presently before the Governing Body, which document is available for public inspection at the office of the Municipality. Each Authorized Representative acting on behalf of the Municipality is hereby authorized to negotiate, enter into, execute, and deliver such other documents relating to the Lease as the Authorized Representative deems necessary and appropriate. All other related contracts and agreements necessary and incidental to the Leases are herebyauthorized . SECTION 2. By a written instrument signed by any Authorized Representative, said Authorized Representative may designate specifically identified officers or employees of the Municipality to execute and deliver agreements and documents relating to the Leases on behalf of the Municipality RESOLUTION NO. 09-7154 PAGE TWO SECTION 3. The aggregate original principal amount of Lease schedule no. 126999000 shall not exceed the amount stated above and shall bear interest as set forth in the Lease and the Lease shall contain such options to purchase by the Municipality as set forth therein. SECTION 4. The Municipality’s obligations under the Lease shall be subject to annual appropriation or renewal by the Governing Body as set forth in each Lease and the Municipality’s obligations under the Lease shall not constitute general obligations of the Municipality or indebtedness under the Constitution or laws of the State. SECTION 5. As to each Lease, the Municipality reasonably anticipates to issue not more than $10,000,000 of tax-exempt obligations (other than “private activity bonds) which are not “qualified 501 (c)(3) bonds”) during the fiscal year in which each such Lease is issued and hereby designates each Lease as a qualified tax-exempt obligation for purposes of Section 265(b) of the Internal Revenue Code of 1986, as amended. SECTION 6. This resolution shall take effect immediately upon its adoption and approval . APPROVED AND ADOPTED this 22ND day ?Septernbje , 2009. 7/23,or MARIO A. GUERRA, Mayor ATTEST: B4£daDa KATHLEEN L. MIDSTOKKE, City Clerk I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of the City of Downey at a regular meeting held on the 22"d day of September, 2009, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN : Council Members: Bayer, Brossmer, Gafin, Marquez, Mayor Guerra Council Member: None Council Member: None Council Member: None gm%aIr #bZMz© KATHLEEN L. MIDSTOKKE, City Clerk