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, 1§9 <br /> <br />REL:mb 6/10/91 <br /> <br />RESOLUTION NO. 91- 058 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF SANTA ANA AUTHORIZING <br />LEASE PURCHASE AGREEMENT AND <br />SIGNATORIES. <br /> <br /> WHEREAS, the City of Santa Ana, County of Orange, State <br />of California ("CITY") is duly authorized and existing under the <br />laws of said State; and <br /> <br /> WHEREAS, the city solicited third party proposals for <br />lease purchase financing of miscellaneous equipment for the <br />Information Services Division, having an approximate financing cost <br />of $99,190.00; and <br /> <br /> WHEREAS, Municipal Leasing Associates, Inc. <br />("Corporation") has offered the CITY the most cost effective <br />financing requiring periodic lease payments including principal <br />plus interest computed at a 7.62% annual percentage rate; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Mayor and the <br />Clerk of the Council are hereby authorized on behalf of CITY to <br />enter into binding agreements with the Corporation for leasing the <br />property upon such terms as may seem advisable to said officers, <br />and to execute, as agent for the CITY, all necessary agreements, <br />but not limited to, a lease/option agreement, advance payment <br />agreement, acknowledgment to assignment and acceptance certificate. <br />Each officer is also authorized to accept direct delivery of the <br />Property. <br /> <br /> BE IT FURTHER RESOLVED that the contemplated lease <br />transaction be designated by this body as a qualified tax exempt <br />obligation pursuant to Section 265(b) of the Internal Revenue Code <br /> <br /> <br />