2003-013 - Financing of Certain Energy Facility Improvement Measures

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RESOLUTION NO. 2003-013 MJV 01/272003 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO FOR THE FINANCING OF CERTAIN ENERGY FACILITY IMPROVEMENT MEASURES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: SECTION 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. The City proposes to finance certain facility energy improvement equipment (the "Project"). The City has solicited proposals from commercial leasing firms in connection therewith and the City has received proposals several firms. The proposal of Suntrust Leasing Corporation (the "Lessor"), a copy of which is attached hereto (the "Proposal"), is the best proposal, providing the lowest cost to the City for financing the Project. It is in the public interest and for the public benefit that the City authorize and direct execution of a lease agreement with the Lessor and certain other financing documents in connection therewith. The documents below specified have been filed with the City and the members of the Council, with the aid of its staff, shall review said documents. SECTION 2. The City Council of the City of Santa Ana hereby: Approves the Proposal by Sun Trust Leasing Corporation. Directs the City Attorney to prepare and authorizes the City Manager and Clerk of the Council, to execute the following agreements, with such non-substantive changes, insertions and omissions as may be approved by the City Attorney: (a) a lease agreement, by and between Sun Trust Leasing Corporation, as lessor, and the City, as lessee (the "Lease Resolution No. 2003-013 Page 1 of 6