HomeMy WebLinkAboutResolution No. 16-7676-Master Equip. Lease w-Community First National Bank-Jet/Vacuum Sewer Cleaner•' • i •i • Fi
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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.
RESOLVE NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY i •
SECTION 1. The terms of said Master Equipment tease Purchase and Escrow
Agreements ( "Agreements ") are hereby approved as the best means for Lessee to finance the
acquisition of such Equipment, and governing body of Lessee designates and confirms that the
persons indicated below are authorized to execute and deliver on behalf of the City the Master
Equipment Lease Purchase Agreement, Escrow Agreement, and any related documents,
including the Schedule of Equipment No. 01 ( "Schedule "), deemed by such persons necessary
to the consummation of the transactions contemplated by the Agreements.
ALEX SAAB, MAYOR GILBERT A. LIVAS, CITY MANAGER
CITY OF DOWNEY CITY OF DOWNEY
SECTION 2. The above named representatives of the City held the position of Mayor
and City Manager at the time of such authorization, and at the present time hold said offices.
SECTION 3. The meeting of the governing body of Lessee at which the Agreements
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 Agreements 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not been altered or rescinded.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
Agreements), exists as of the date hereof.
SECTION 5. All insurance required in accordance with the Agreement is currently
maintained by the 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 Agreements) and to meet its
other obligations for the Original Term and such funds have not been expended for other
purposes.
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.
RESOLUTION NO.
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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 25th day of October, 2016 by the following
vote, to wit: