HomeMy WebLinkAboutResolution No. 15-7542-Master Equipment Lease (Fire Truck) Purchase AgreementRESOLUTION NO.15 -7542
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING A MASTER EQUIPMENT LEASE PURCHASE AGREEMENT
WITH COMMUNITY FIRST NATIONAL BANK IN CONNECTION WITH THE
ACQUISITION OF AN AMBULANCE
WHEREAS, the City Council as the governing body of the City of Downey
( "Lessee ") has determined that a true and very real need exists for the acquisition of the
Equipment described in the Master Equipment Lease Purchase Agreement presented to the
Lessee this meeting and that it is appropriate to finance such acquisition; and,
WHEREAS, the Lessee has taken the necessary steps under applicable law to arrange
for the acquisition and financing of such Equipment.
NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That the terms of said Master Equipment Lease Purchase Agreement
( "Agreement ") are hereby approved as the best means for Lessee to finance the
acquisition of such Equipment, and the governing body of Lessee designates and confirms
that the person indicated below is authorized to execute and deliver on behalf of the City
the Master Equipment Lease Purchase Agreement and any related documents, including
the Schedule of Equipment No. 01 ( "Schedule "), deemed by such person necessary to the
consummation of the transactions contemplated by the Agreement:
LUIS H. MARQUEZ, MAYOR
CITY OF DOWNEY
SECTION 2. The above named representative of the City held the position of Mayor at
the time of such authorization, and at the present time holds said office.
SECTION 3. The meeting of the governing body of Lessee at which the Agreement
and the Schedule was approved and authorized to be executed was duly called, regularly
convened and attended throughout the requisite majority of the members thereof and that the
action approving the Agreement and the Schedule and authorizing the execution thereof has
not been altered or rescinded.
SECTION 4. No event or condition that constitutes or with the giving of notice or the
lapse of time or both would constitute, an Event of Default (as such term is defined in the
Agreement), exists as of the date hereof.
SECTION 5. All insurance required in accordance with the Agreement is currently
maintained by Lessee.
SECTION 6. Lessee has, in accordance with the requirements of law, fully budgeted
and appropriated sufficient funds for the current budget year to make the rental payments
scheduled to come due during the Original Term (as defined in the Agreement) and to meet its
other obligations for the Original Term and such funds have not been expended for other
purposes.
RESOLUTION NO. 15 -7542
PAGE 2
SECTION 7. The fiscal year of Lessee is July 1 to June 30.
SECTION 8. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 10th day of February, 2015.
UIS H, MARQUI Z ay
ATTEST:
ADRIA M. JIMENEZ, MC
City Clerk
HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a Regular Meeting held on the 10th day of February 2015, by the following
vote, to wit:
AYES:
Council Members:
Ashton, Brossmer, Vasquez, Saab, Mayor Marquez
NOES:
Council Member:
None.
ABSENT:
Council Member:
None.
ABSTAIN:
Council Member:
None.
AD A M. JIMENEZ, CM
City Clerk